I would like to share my experience with regard to the post office savings for senior citizens.My father had deposited a large sum of his savings jointly with my mother to get a regular income in the form of interest( higher in P.O for senior citizens).My parents depended on this monthly income as they had no other source of income.Suddenly in the month of December my father passed away leaving my mother alone as we are three sisters living in different places.Now when my mother went to inform the P.O of my father's demise P.O informs my mother that she can no longer keep THAT AMOUNT OF her savings in the P.O now and she needs to take it and keep only some little since it is no more jointly owned!

This has had a major setback with all their future plans,as her regular income gets affected.She had to withdraw that amount and open a new account in another bank to keep that amount.I am not sure whether she woud get the same rate of interest in that bank.

I fail  to understand this logic,as when the account was opened this information was not shared by the P.O to my father,secondly,shouldn't a plan/scheme for senior citizen  foresee such eventualities which would harm their  future finacial

security?

 

How can you take this forward? Is this justified that after one truama my mother under goes another shock of future insecurities??What is the harm in continuing to keep their savings in the so called "trusted"  Govmt body in which my father entrusted his belief before dying??

 

with warm regards

Thilakam Rajendran

Email : thilakamrajendran@yahoo.com