Merger of Banks: Senior Citizens Savings Scheme needs scrutiny
Voice of The Reader

Merger of Banks: Senior Citizens Savings Scheme needs scrutiny

September 5, 2019

Sir,

The recent announcement by the Finance Minister of merging 27 Nationalised Banks to 12 and the move appears to be more focused on improving the efficiency besides making them financially healthier.

The Senior Citizens Savings Scheme also needs scrutiny, as the existing rules forbids transfer of Deposit from one National Bank to another. The senior citizens who avail this facility should be allowed to exercise the option of transfer at their convenience. Besides, the quarterly interest credit could be made monthly.

This will go a long way in helping the senior citizens with their investment with Central Government Schemes. Trust this suggestion will receive the attention of the people concerned.

– E. Chandrassekar, Ramakrishnanagar, 3.9.2019

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