Writ challenges govt move to reduce savings interest rate

A Supreme Court lawyer today filed a writ petition with the High Court, challenging the legality of the government move to reduce the interest rate on bank savings to a single digit.

Advocate Eunus Ali Akond submitted the petition as a public interest litigation, seeking a stay from the HC on the government initiative and to direct the government to increase depositors' profits.

In the petition, he said if the savings rate is reduced to a single digit, people's profit will be reduced.

The government has decided to reduce the interest rate given on postal savings for the general people, keeping the pension interest intact, which is discriminatory, the SC lawyer added. The government decision to reduce the savings rate contradicts the constitution, which guarantees equal rights for all citizens.

He told The Daily Star that the HC may hold a hearing on the writ petition next Sunday.