Friday, December 23 2005 15:02 Hrs (IST) - World Time -

New Delhi: Finance Minister P Chidambaram today (Dec 23, 2005) ruled out any possibility of increase in the interest rate on small savings.

"The current rate of interest, which is linked with the rate of inflation, on small savings is quite attractive and, therefore, there is no proposal to increase it," Chidambaram said in the Lok Sabha while replying to a question.

With regard to the saving scheme for senior citizens, the Minister said deposits under the scheme carry interest at a uniform rate of nine per cent annually payable on quarterly basis.

He said he would urge banks to make this scheme available in more and more branches so that maximum number of senior citizens could avail this facility.

He also informed the House that India had proposed nine projects to the World Bank for assistance.

The projects are in sectors of Education, Health, Women and Child Development, and Poverty Alleviation.