I think savings interest rates should be based on yearly income......interest rate should be 12% for the income level upto Rs 100K per annum.....11% upto income Rs300k....10% upto income 500k per annum.
It will help to tackle chit fund schemes,ponzi & Pyramid schemes
....estimated Ponzi funds in India around Rs10 lakh cr & around 15 crore poor people have lost their hard earned money.
unfortunately in the last few years india's overall household saving, the biggest contributor towards economy, has seen a sharp drop.......it fell from 34% to 17%...... incoming years it may be 10%.
