Cabinet Approves 10% Annual Interest Rate for Elderly Fixed Deposits

COLOMBO (News 1st); Sri Lanka's Cabinet of Ministers granted approval for the re-implementation of a special interest rate for fixed deposits of senior citizens.

At present the interest rate for fixed deposits has declined to 8.5%, said the Department of Government Information, noting that as a result of that most of the senior citizen account holders have withdrawn their deposits.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 the President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to grant an annual interest rate of 10% for fixed deposits, of a maximum of one million rupees, of senior citizens above 60 years for a period of 2 years.