Dear Sir,
In recent changes for small savings returns / rules wef 01-12. Government has increased interest rate to 8.2 % from 8 for MIS scheme & have done away with 5 % bonus on maturity.
In news column of Times of India today it is mentioned that "this withdrawal of bonus payment will be applicable even on old accounts that remains operational on OR after december 1"
How this can be done. Govt will give old interest 8% & WILL ALSO NOT GIVE MATURITY BONUS.
THIS AGAINST ALL RULES & CONTRACT of investments. Either new interest shall be applicable OR bonus shall be given. As per contract while opting for any saving scheme of fixed deposits, rules are always applicable as they prevails while booking or opting for investment plan. This is unjust to investors.
The maturity bonus shall remain payable for MIS investors who has opened account prior to this nitification
Kishor barhate
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