High interest Treasury Bills for senior citizens [November 02 2008]

High interest Treasury Bills will be for senior citizens. Labour Relations and Manpower Ministry addressed employees over 55 years in the private sector to invest their Employees Provident Fund (EPF) money in Government Treasury Bills on a higher interest rate of 20.9 per cent.

The new scheme was formulated by the Labour Ministry in collaboration with the Central Bank of Sri Lanka for the benefit of employees over 55 years in the private sector. "The 20.9 per cent interest rate which will be given only to senior citizens is 10 per cent higher than the normal interest paid by the Central Bank on Treasury Bills," Labour Minister Athauda Seneviratne has stated.

The objective of the scheme is to prevent public from falling prey to fraudulent financial companies in the country. The Minister said under the scheme a person could purchase Treasury Bills to the minimum value of Rs. 100,000.