Nearly two months after it was promised, the 15 per cent special interest rate for deposits by senior citizens was finally accepted by all Sri Lankan commercial banks from Thursday, industry officials said. The Business Times was in the forefront of a plea by elder citizens to enforce this budget proposal. The Treasury intends to [...]

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The Sunday Times Sri Lanka

Finally! 15% interest rate for senior citizens’ deposits

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Nearly two months after it was promised, the 15 per cent special interest rate for deposits by senior citizens was finally accepted by all Sri Lankan commercial banks from Thursday, industry officials said.

The Business Times was in the forefront of a plea by elder citizens to enforce this budget proposal.

The Treasury intends to subsidise the banks on this account. “The differential between the existing fixed deposits rate for seniors and the newly imposed 15 per cent will be subsidised by the Treasury,” Upali de Silva, Secretary Sri Lanka Bankers’ Association told the Business Times. The Central Bank (CB) in an announcement on Wednesday evening said that the Government “has now finalised the procedure for implementation of the Special Interest Scheme for Senior Citizens announced in the Interim Budget 2015 with effect from 01.02.2015. Accordingly, the CB issued the necessary Operating Instructions on behalf of the Government to all banks on Thursday”.

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