Can even a savings scheme floated by the Prime Minister be trusted any more?
Vidyadhar Date, a fine byline from The Times of India of yore, invested Rs 30 lakh with his wife, Hemlata Date, in March.
Their investment instrument: the Pradhan Mantri Vaya Vandana Yojana (PMVVY), a assured returns scheme for senior citizens, which promised 8% interest per annum.
After sitting on their application, the scheme’s administrator LIC, he says, is now forcing them to accept a lower 7.4% interest rate, which means a cut in returns of Rs 9,000.
“Talks are on,” as Mr Date may have written in his younger days!
Screenshot: courtesy Mumbai Mirror