Blog Archives

Abrupt reduction of FD interest leaves senior citizens in a quandary – by Sunil Thenabadu in Brisbane  Under the strict instructions of the Governor of the Central Bank all State and commercial banks have delivered an intense executioner strike abruptly to all the senior citizens under the DDR/DDO by drastically reducing the interest rates on  fixed deposits which have been slashed alarmingly to between 10 -12% from the month of June 2023. The interest rates were enhanced to 23 -27% by the banks in the middle part of 2022, probably mainly to attract more deposits to bank coffers. With this increase many senior citizens who were fortunate to hold fixed deposits were able to some extent to make ends meet without pleading for donations or borrowings. Even then they had not lived in a luxury life which all senior citizens of developed countries are privileged to live in. It is learnt that ...