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President to consider increase in senior citizen deposit interest rates

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President Ranil Wickremesinghe has instructed Finance State Minister Dr. Ranjith Siyambalapitiya to provide him with a detailed report containing the criteria to be implemented regarding the increase in interest rates for senior citizens’ deposits.

Considering the request and instructions received from the President in this regard, the State Minister stated that he will take action to provide a detailed report including a methodology for raising the senior citizens’ deposit interest rates very soon.

An annual interest rate of 15 percent has been offered to the deposits of senior citizens above 60 in bank and financial institutions. Siyambalapitiya said that many senior citizens who were living on interest income were inconvenienced as the interest rate offered to savings has dropped to a single digit and they informed him about their plight due to this situation.

These senior citizens have also informed the President from time to time in this regard. Siyabalapitiya also said the President has sought a detailed report from him to consider this matter carefully and sympathetically and take further action.

The post President to consider increase in senior citizen deposit interest rates appeared first on DailyNews.

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