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Three yrs fixed deposit term Tsunami beneficiaries

The term of fixed deposit has been reduced from 10 years to 3 years for beneficiaries of Tsunami affected areas of Andaman & Nicobar Island.

New Delhi: The government on Thursday decided to
reduce the term of fixed deposit from 10 years to 3 years for
beneficiaries of Tsunami affected areas of Andaman & Nicobar
Island whose amount of compensation is equal to or less than
Rs 10,000.

The decision, which was taken at a Cabinet meeting, is
aimed at helping the beneficiaries to withdraw the funds
earlier for their requirement.

The relaxation today came through modification of the
Revised Relief Package of Assistance for the Animal Husbandry
sector for Tsunami affected areas which had been cleared by
the Cabinet in February 2009.

The decision will benefit those whose compensation amount
is very meager and those who are quite old and reluctant to
open fixed deposit account for a term of 10 years.

Tsunami had hit Andaman & Nicobar island in 2004.

Under the "Rajiv Gandhi Rehabilitation Package for
Tsunami affected areas" of Andamand & Nicobar islands, an
amount of Rs 11.81 crore was earmarked for the Animal
Husbandry sector which consisted of Rs 10.14 crore for
replacement of livestock lost.

However, the same was revised to Rs 25.70 crore by the
Cabinet in August 2006.

Subsequently, in view of shortage of livestock in the
UT, it was decided to compensate the beneficiaries by placing
the amount in fixed deposit for a period of 10 years during
which the beneficiaries were to be allowed only to draw the
interest accrued thereon.

It was decided that principal amount will be paid at the
end of 10 years.


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