Scrap the minimum balance of rs. 5000/- on pension accounts and savings account
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This move by the Reserve Bank Of India to increase the minimum balance on pension and savings account is a thoughtless move
A pension account is supposed to have a zero balance.... Due to the fact that when a pensioner expires the pension accounts cannot be accessed by the next of kin or by anyone else. So for all practical purposes the balance maintained would revert back to the government... Which is completely wrong
People who earn pension from the provident fund scheme which is imposed on all employees is a very minimal amount like 1500/ - a month or even less
How does the government expect a person whose pension is 1500/- a month to maintain a minimum balance of 5000/-
There are millions today who earn less than 5000/- salary a month.... How do you expect them to maintain a minimum balance of 5000/- how should they survive
Even if a senior citizen is earning a pension of rs 10000/- he or she needs it For their monthly expenses it is ridiculous to expect them to maintain a balance amounting to 50% of their monthly income lying idle in the bank... How are they expected to foot their medical bills which alone sometimes are more than 10000/- a month... Not all senior citizens have families who look after them. They depend on their pension
One of the Prime reasons why one banks with a nationalised bank is because of the low minimum balance to be mantained
This move defeats the purpose
Not everybody earns 40/50 thousand bucks a month
You are once again forcing people to close their bank accounts and once again resort to hoarding cash at home in order to survive and feed their families... There are millions who cannot afford to maintain a balance of rs. 5000/-
5000/- is a lot of money for many
In this day of rising costs pension and salaries are not necessarily rising in proportion... How do you expect the common man to survive
Or does the government think that everyone earns 40/50 thousand rupees a month????
Retired people who survive on the interests on their invested savings also are hit badly
The Interest rates are falling... We are getting less spending money and on top of that you expect that a large chunk to the tune of 5000/- should be maintained as a minimum deposit
We are not a country where the government takes care of our medical needs for senior citizens.... We need to depend on our own resources....
Instead of encouraging people to have bank accounts you are making people rethink and creating an environment for a flourishing black market again... People will be forced to stash money because they have to live and the government will be to blame for that
I earnestly appeal to the government and Reserve Bank Of India to reassess this policy and revoke this ridiculous move of maintaining a rs.5000/ minimum balance
Hoping and praying that the Reserve Bank Of India has the heart to see and feel the plight of the common man and it's senior citizens
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