THE current fixed deposit rates are pathetic and pitiful.
The interest rates have plummeted to as low as 1.3 % for a 12-month tenure – significantly below the country’s average inflation rate.
While the lowering of interest rate has been a deliberate policy measure by the government to facilitate and expedite the country’s economic recovery due to the Covid-19 pandemic, has anybody given any thought on how the low interest rate is hurting the poor and vulnerable including the senior citizens?
Why are the poor made poorer?
While those who had served the government are assured of a monthly pension, the same cannot be said of the self-employed and other non-civil servants.
A significant number of these senior citizens rely heavily on the monthly interest rate payments they receive from the banks to make ends meet.
For some others it is their sole source of income!
While some have taken out their FD money to try their luck in the stock market, the majority still prefer a risk and worry-free investment.
So can the government assist in requesting banks to offer a reasonable FD rate for seniors who are 60 and above to help tide these difficult times – as part of their corporate social responsibility?
Have a heart. Please give the poor some hope that the government cares.
Pola Singh
Kuala Lumpur
