THE latest lowering of interest rates for National Savings Centre deposit schemes has affected the elderly segment of society who have invested their lifelong savings into these schemes as NSC investments are secure and a sustained source of income for them.
The current commercial bank interest rates have remained at 13.25 per cent while the NSC rates for Behbood Savings Certificates and Regular Income Certificates have been reduced to 12.48pc and 10.92pc respectively.
One would like to point out that with the prevailing high inflation the budget of senior citizens is hit severely. Many of them are dependent solely on the profit received from NSC saving schemes.
Immediate attention of the concerned authorities is required.
Ejaz B Durrani
Published in Dawn, December 2nd, 2019