Would this be a frivolous case...part 1

@vandana7 Yes a balance is always essential but things do look scary. Mere proclamations of "Fastest Growing Economy" is not going to work. Perhaps we need some miracles!

It is auto renewal only for the term. Not for revised interest rates. That is so grrrrrrrr. Previously, this gentleman removed standing instructions. My aunt has been unable to give standing instructions for payment of her rent. Ha ha...east or west, no other place is best. LOL I am good with my country. I need to repair it...if everybody who understands what is going wrong leaves the country, it will become another Pakistan.

Mutual funds give you what...8 to 10 percent max 15 percent compounded. If you are wise enough to select the right one. Then again, mutual funds are subject to market risk. COVID times have clearly shown that risk...when markets plunged, and really plunged for a short while. Many needed the money then! Hospitalization and vaccinations and treatment...damn expensive. 6 months monthly expense in banks...ALWAYS. One third in less risky investments like Fixed Deposits, treasury bonds. 2 thirds in mutual funds and equities. That is how I would advise. The 1/3rd in FDs, etc., would include gold. That can also be manipulated you know...lower income to pay lower taxes....but higher capital gains which are exempt. PPF comes to mind too. Exempt, Exempt, Exempt category. Gold incidentally has given more than 10 percent compounded in the last 4 years (including the interest on Sovereign Gold Bonds), unlike stock markets which are hovering around 6 to 10 percent, but yes, potential is there. I am not sure SGB will not continue to give that rate...kinda, I expect the same rate of return on gold because even if the prices of gold come down internationally, as per the world bank forecast, the fact remains that Indian rupee will tumble...making gold expensive. And we all know how crazy Indians are about gold. Added to that is China's economy opening up, and China too is a big buyer of gold. So yes, I do expect the trajectory to continue ..notwithstanding the drop in gold prices internationally. Our trade deficit and BOP are scary. I expect to see dollar become equal to 100 by or in 2026. By the way you might want to look into those commercial investments...they come in units form...minimum investment I think is 25 lakhs. But it is real estate investment and you get decent rent when compared to outside, without the hassles.

Nah...actually that is painful..either SB interest, or if auto renewal is accepted, then old rates of interest...he has just increased a lot of work for senior citizens.

@vandana7 All senior citizens of India can unite and go on a Dharna outside RBI office. May be that would help?

It was bad as it is, when they did away with Standing instructions. There are many things like rent, utility bills etc., which could be paid directly by the banks without regular instructions or instruments.

See...the interest rates have increased. If my 3 years deposit gets renewed (banks have that option), under auto renewal, they will continue with the old interest rate, which is almost half the rate it is now, forcing me to travel and renew it manually. I cannot think of anything more inconsiderate for senior citizens.

Yes. That maybe the reason our governor decided to change the present rules.