Sri Lanka to increases senior citizens’ fixed deposit interest rates

The Cabinet of Ministers has granted its consent for the re-implementation of a special interest rate for fixed deposits of senior citizens, Cabinet Spokesman Mass Media Minister Dr Bandula Gunawardena said.

He was speaking at the weekly cabinet media briefing held at the Government Information Department.

At present the interest rate for fixed deposits has declined to 8.5 percent, said the Minister, noting that as a result of that most of the senior citizen account holders have withdrawn their deposits.

Accordingly, the Cabinet of Ministers approved the resolution furnished by President Ranil Wickremasinghe in his capacity as the Minister of Finance, Economic Stabilization and National Policies to grant an annual interest rate of 10 percent for fixed deposits, of a maximum of one million rupees, of senior citizens above 60 years for a period of 2 years.

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