‘Finance Minister cheats elders’ in 15 % interest rate fiasco, says senior citizens

Anger and concern over the about-turn by the Sri Lankan Government in the eligibility criteria in 15 per cent interest for senior citizens is growing, bankers and senior residents said on Tuesday.

Letters were received by the Business Times raising concerns over the issue with one retired brigadier accusing the Finance Minister of cheating.

Under the eligibility criteria, only elder citizens (over 60 years) with a total sum of less than Rs.1 million in a fixed deposit/s in all commercial banks are entitled to the 15 per cent interest a single Rs. 1million deposit account.

“I think if the system is so the Finance Minister has cheated all senior citizens in the country and misled the entire country,” noted retired Brigadier Neville Fernando.

Having being informed of the new rule by his bank, NSB, Mr. Fernando said that, “Does the minister expect us the senior citizens of this country, to keep the little balance savings we have under the pillow and go to sleep? Either the banks are clueless or the finance minister is a cheat”.

Senior citizens were stunned when they were told by the banks of the new eligibility criteria which is not contained anywhere including in the budget proposal which was however vague.