Politics

PM Modi Saves Most Of Salary On Term Deposits

BP World Bureau | Oct 15 2020 11:14:11 AM
Image credits: Twitter

NEW DELHI: Prime Minister Narendra Modi saved most of his money in savings accounts and term deposits with banks, as per the latest declaration of assets and liabilities.

His movable assets have increased by Rs 36.53 lakh over the past 15 months, by 26.26% to Rs 1,75,63,618 from Rs 1,39,10,260 in the previous fiscal year.

In his political circle, it is a known fact that PM Modi saves most of his salary and has been reinvesting interest from his fixed deposits.

Read: PM Modi Launches Property Cards Under SVAMITVA Scheme 

When it comes to the prime minister's immovable assets, it remains unchanged and has listed a plot and house in Gandhinagar worth Rs 1.1 crore where he is a part-owner of this along with his family.

70-year-old PM's preferred tax-saving tools are life insurance, National Savings Certificates (NSCs), and infrastructure bonds. He has invested more in NSCs and that his insurance premium came down.

During this pandemic, PM along with the president, vice president, and the majority of his colleagues and cabinet members have agreed to a 30% cut in pay and allowances beginning April.

National Democratic Alliance (NDA) government also announced an austerity drive, scrapping the Members of Parliament Local Area Development Scheme (MPLADS) for two years and pumping money into stimulus and relief packages to revive the economy that dipped by 23%, leading to criticisms directed at the government from various quarters. 

Read: Pandemic Made India’s Richest 14% Richer: Forbes 

PM has four gold rings, no car, and also saves taxes through the National Savings Certificates of Rs 8,43,124 and paid a premium of Rs 1,50,957 for his insurance.