Why middle class is being targeted?
It is really unfortunate that majority of the educated people are writing comments without any study when ever the Govt makes slight changes in the interest rates in the popular saving schemes. Suppose a person put Rs. 100000/- in the PPF starting from coming financial year 2016-2017 with an interest rate of 8.1%. How much money he will loose after 10 years as compared to the present interest rate of 8.7%. I say per monthly he will lose only Rs.100/- in the case of compound interest and Rs. 50/- in the case of simple interest. First of all long term deposits are not being used to meet monthly expenditure. It is to meet emergencies. Two years back I used 50% of my PPF deposit for my operation. I thought of taking loan from PPF. Paying small interest. Then the bank people told me that I am eligible for withdrawing 50 % of the deposit since six years have passed after opening the PPF A/c. I got the money from the bank within one hour. As per Hindu Dharma Hindus are suppose to give donation for a good cause every year. If we do proper planing middle class people have enough flexibility but still they have no satisfaction in their life. But for the Govt this Rs 100/- is a big saving. more
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Such action of TTE at Chennai station needs condemned n action required to discourage such instances. more
Mar 20
