Lowering of interest rate on small savings against public interest: Trinamool

Kolkata, April 1 (IANS) West Bengal's ruling Trinamool Congress on Saturday termed the Central government's decision to lower the interest rate in small savings scheme by 0.1 percent as an "anti-people" measure and demanded immediate action to protect investors.

"We consider this decision to be anti-people. We demand the centre take adequate measures to protect the interest of these depositors," party Secretary General Partha Chatterjee said at the end of a Trinamool Congress core committee meeting here.

The Trinamool Congress leader further accused the Narendra Modi government of jeopardising the daily lives of veterans and retired persons by lowering the interest rates of various savings scheme including the public provident fund (PPF).

"People who keep money in banks, post offices or PPF funds, the interest on their savings have gone down over the last one year. This is an attack on the old and retired people who keep their money in the small savings schemes," he said.

Bhattacharya claimed the centre's policies were "beyond comprehension" and said the interest of the common people should be protected at any cost.

"On one hand, the centre is making a hue and cry about the chit fund scams and on the other hand they are trying to deprive the investors in small savings scheme. We do not understand what they are up to," he added.