Interest on deposits

Sir, - I fully endorse Mr. P. V. Srinivasan's letter (TheHindu, April 25). Most senior citizens in our country invest their retirement benefits and savings and live on the interest realised from them. With the recent deduction in the interest rates on deposits announced by the RBI, their returns have dwindled. On the other hand expenses have gone up with the high cost of living. Their children have their own commitments; the elders feel they are a burden to all. This naturally affects the psychology of many senior citizens.

Even the interest rates on PPF (Public Provident Fund) which many built up as an investment to fall back on in an emergency have also been slashed. This action is uncalled for especially as the EPF still maintains the same 12 per cent interest rate.

Thangam Jacob,

Aymanam (Kerala)