Union Minister Arun Jaitley says govt will retain FD rates at eight per cent for senior citizens
Jaitley was responding to TMC MP Derek O'Brien's remarks on the recent lowering of interest rates in bank deposits, which he said was a result of the demonetisation, media reported.
Jaitley said that a banking regulation amendment will come in Rajya Sabha too, after Lok Sabha.
According to media reports, Jaitley said that the higher interest rates for fixed deposits were determined at a time when the inflation was as high as 11 per cent. But the situation has changed and hence the cut in interest rates.
"For senior citizens, we have launched a new scheme to retain fixed deposit rates as eight per cent," the minister was quoted by the media as saying.
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