CB seeks FM guidance on Senior Citizens' 15% fixed deposit interest scheme | Daily News

CB seeks FM guidance on Senior Citizens' 15% fixed deposit interest scheme

The Central Bank has sought guidance from the Finance Ministry to implement the 15 percent rate of interest to be paid on fixed deposits of senior citizens proposed by Minister Ravi Karunanayake in his maiden 2016 Budget introduced on November 20 last year.

Deputy Governor of the Central Bank Dr Nandalal Weerasinghesaid they had sought clear guidance from the Finance Ministry as to how this proposal should be implementation for the benefit of senior citizens as a relief measure.

Finance Minister Ravi Karunanayake introducing his 2016 Budget said "already a 15 percent interest rate is being paid in respect of fixed deposits up to Rs. 1 million of senior citizens over 60 years age. I propose to bring drown the age limit entitled for this relief from 60 to 55 years and increase the deposit limit upto Rs. 1.5 million. I wish to state that depositors would place increased confidence

on this matter because these deposits receive the CentralBank guarantee .Accordingly the granting of this seniorcitizens' interest relief would be implemented in thefuture. 


 

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