Unkind interest cut

The rich is becoming richer while the middle class continues to suffer. After a rollback on tax on employees' provident fund proceeds, the government is has decided to reduce the interest rate of public provident fund from 8.7 to 8.1 per cent. Also, the government has slashed interest rates on other small savings schemes, including Kisan Vikas Patra and senior citizen deposits, to make them more market aligned. This revision of interest rates is unfair.

C.K. Subramaniam

Navi Mumbai