In a letter published in the Business Times headlined “Massacre of the innocents (senior citizens)”, a senior citizen from Thalangama South has queried as to where are the ‘so called’ advisors/consultants who do not perform with real interest and has urged the President to initiate a separate rate structure for senior citizens. My simple advice [...]

The Sundaytimes Sri Lanka

Increase lending rates for senior citizens

Letter
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In a letter published in the Business Times headlined “Massacre of the innocents (senior citizens)”, a senior citizen from Thalangama South has queried as to where are the ‘so called’ advisors/consultants who do not perform with real interest and has urged the President to initiate a separate rate structure for senior citizens.

My simple advice is to allow near or same rates of interest of average lending rate of banks (13% per cent) for senior citizen special savings accounts, to which pensions or other regular income are credited. The suggested rate is 12 per cent pa. This rate will not (negatively) affect banks’ profits. I hope at least one respective advisor/consultant will read this letter and advise the President!

K.U. Pushpakumara
Retired Senior Banker
Pitakotte

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