No interest in senior citizens’ deposit interest issue
At the outset all senior citizens who depend on bank interest to lead their life with minimum comfort should thank the Business Times for consistently showing interest in their cause.
Grand publicity was given to the interest of 15 per cent proposed by the present government to the senior citizens up to 1.5 million rupees deposit.
This budget proposal was to come into effect from January 2016.
With great hopes, we went to the state banks like NSB and Bank of Ceylon in January 2016, either to make new deposits or to renew the existing deposits on expiry of the period. However, we were politely told that they had not received any circular to this effect and to visit them in a couple of week’s time. Further, we were advised to deposit Rs. 1 million at 15 per cent and the balance Rs. 500,000 separately at lower interest to enable them to facilitate giving the additional interest on receipt of the circular. We did accordingly. Almost a year has passed and we are still awaiting the enhanced interest.
As stated in the news item appearing in the Business Times of November 27, there seem to be a tug of war between the banks and the Treasury in this regard. Unfortunately this ‘war’ is causing great in convenience to the senior citizens who depend entirely on the interest income for their living.
It appears that GOD (Minister) is willing but not the PRIEST (Treasury).
As far as the commercial banks are concerned, they appear to be making billions of rupees in profits as per the news and press advertisements. Not only are they competing with each in their business but also in giving publicity to their earned profits and the awards received. Surely they can advance the additional interest to the senior citizens and continue the ‘war’ with the Treasury at leisure.   K. Balendra  ColomboÂ