Increased Interest rates........!!!

As a matter of abundant precaution, senior citizens have put their hard-earned savings in Post Office schemes and bank deposits — mostly in monthly income schemes and senior citizen savings schemes — at eight and nine per cent interest. Currently all banks are offering senior citizens almost 11.25 per cent annual interest on deposits. Banks say that to avail the higher interest rate, one must first close the original deposit, incurring a penalty, and then open a new account. Instead of going through all these procedures, the banks should offer the higher rate of interest for the remaining period of the deposits. This will not only eliminate unnecessary paperwork, but also earn the goodwill of customers. The banks have the power to take the initiative. Will they be gracious and magnanimous in their action?