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Seniors citizens have put their hard-earned savings in post office and bank deposits at interest rates of 8 and 9 per cent respectively. Currently, almost all banks are offering senior citizens around 11.25 per cent annual interest.

To get the higher rate of interest, banks have specified that the original deposit be closed and a new account be opened, incurring a penalty for the customer.

Instead of going through all the procedures and hassles, banks should come forward to give the higher rate of interest for the remaining period of the deposits. This will not only eliminate unnecessary paper work but also earn the goodwill of the customers. K.Venkataraman Mumbai

More Stories on : Letters | Fixed Deposits

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