Higher investment limit in saving schemes aimed at benefiting senior citizens, middle class: Fin Secy

The top bureaucrat in the finance ministry said the decision to revise the ceilings will come at a cost as the government can raise funds at a cheaper rate compared to the 8 per cent interest that it gives under the Senior Citizen Savings Scheme. "Taking into account the welfare of senior citizens, for whom fixed income instruments are the main source of income... it was decided that this is a cost which the government should bear and therefore the ceilings were increased," he said.

from Economy-News-Economic Times https://ift.tt/C78Dust
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