Business Times

Banks report top profits while depositor interests are cut

Senior citizen laments…

It was interesting to read recently that the National Savings Bank (NSB) has made a healthy profit from its operations, primarily due to the decrease in market interest rates. In other words, from monies due to us depositors.

For example, senior citizens who were paid an interest rate of 15.5 % on one year deposits are now been paid a measly 10.5 % which is expected to drop even further thanks to the Mahinda Chinthanaya.
The President as Minister of Finance, I believe today, is more concerned on 2/3 majorities and cross-overs and perhaps highly elated that Sri Lanka is the 5th best country in Asia, little knowing how a section of the population, particularly the senior citizens who have toiled in silence in giving of their best towards the country are finding it difficult to merely exist.

This indifference is such, that even the 20 % bonus on interest paid by banks has been withdrawn after a matter of six months. It would appear that after all the sudden love for us was nothing but yet another ‘election gundu’ – prior to the presidential elections.

It is high time that the President steps in and takes some decisive steps towards helping senior citizens. We are not asking for handouts but a decent interest rate.

Senior citizen Colombo.

(The writer wishes to remain anonymous out of concern that being identified could result in his interest rate being reduced further).

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