Special interest rate for senior citizens

A special annual interest rate of 12 percent for fixed deposits of citizens over 60, was proposed in Budget 2015.

In keeping with the proposal, all deposit holders above 60 and holding rupee fixed deposits totalling up to Rs 2,500,000 in licensed banks, will be eligible to receive an annual interest income of up to Rs. 300,000 from January 1. Operating instructions have been issued to all licensed banks which will participate in this scheme.

All licensed banks, operating in Sri Lanka that maintain fixed deposit accounts could implement this special interest scheme from January 1.

The private banks that participate in the proposed scheme will be expected to actively participate in financing government development programs.