Even as we senior citizens celebrated ‘Senior Citizens Day’ on October 1, there is this very disturbing news this year that the State Bank of India has further reduced rates of interest on its term deposits: The maximum rate now being offered for a 8-10 year term deposit is 7.50 per cent. Many of us do not get any pension and entirely depend on interest income. We face a very grim prospect of our capital getting eroded in our attempt to make both ends meet. We also find, to our dismay, that most financial dailies advocate lower interest rates. Can someone offer us some hope?
Narendra M Apte, Pune
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