Bonus interest for senior citizens

The government has decided to pay a 20% bonus interest to senior citizens on rupee deposits maintained in licensed banks, the Central Bank said yesterday.

The bonus, effective from January 1, will be given to Sri Lankan citizens above the age of 60, on their rupee savings and fixed deposits held in licensed banks. Bonus interest shall be equal to 20% of the interest that accrues after January 1 on rupee deposit accounts of senior citizens, subject to a limit of Rs. 120,000 a year for a person.

“The operating instructions to licensed banks in this regard have been issued,” the CB said.