CB defines senior citizens at 55 years

The Central Bank (CB) has directed commercial and specialised banks that senior citizens should be considered as those who are 55 years and above, after most institutions used 60 years as the threshold age.

In a March 19 directive to these institutions, the CB said that, “The Monetary Board having observed that licensed banks and licensed finance companies use different thresholds of age to identify senior citizens when conducting banking operations has decided to request licensed banks to use the common threshold of 55 years of age in identifying senior citizens.”