Circular after circular on 15% issue to senior citizens
View(s):Commercial banks have been instructed to accept deposits of up to Rs.1 million at 15 per cent interest from senior citizens over 60 years with no other limitations on periods, the Sri Lanka Banks Association said in a public notice this week.
The latest information provides more clarity on the confusion over the 15 per cent interest rate which worried many senior citizens. However many 60 year-olds with more than Rs.1 million in fixed deposits still maintain the Government cheated them by creating a perception in the budget that all elderly citizens would be entitled to this special rate without restrictions.
Others said banks were still confused and not offering proper guidance to customers (see letters elsewhere in this section).
The notice said that “Under the new regulation any Sri Lankan citizen above 60 years of age will be entitled to open an one year rupee fixed deposit/deposits up to Rs. 1 million in total, in licenced banks on an individual basis”.
The latest circular also clears other doubts for example where any person can now open multiple accounts (not one single account) as long as it is within the prescribed Rs. 1 million.