The Central government seems to be determined to target the middle class who keep their money in fixed deposits or in small savings like the National Saving Schemes, Providant Fund, Senior Citizen Saving Scheme, Sukaniya Samridhi,.

The interest rates of fixed deposits for one year for public sector banks has already come down to 2.5% from 15% during the Congress rule. The interest rate on five year deposits has reduced from 6.7% 5.8%. Under the National saving scheme the interest has come down to 6.8% to 5.9%.

Most employees have been saving with the public provedant fund if they are not part of the company provedant fund. The PPF was giving highest rate of interest even till last year when it was offering 8.5%. In the latest budget the interest rate was brought down to 7.1% which has now been reduced to 6.4%. Even senior citizens have not been spared and the interest under the PM special scheme for senior citizens has come down from 7.4% to 6.5%. The Sukaniya Samruddhi scheme has also seen a drop from 7.6% to 6.9%. The worst affected will be senior citizens as well as the girl child who were the major beneficiaries of the special scheme. Senior citizens who need the money most because they no longer are employed will be dependent on their children as the savings is not enough to live a comfortable life eve for healthy people let alone the senior citizens with medical problems.