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 Gunawardhana said.
He was speaking at the weekly Cabinet media briefing held at the Government Information Department yesterday. At present the interest rate for fixed deposits has declined to 8.5 percent, the Minister said, noting that as a result of that most of the senior citizen account holders have withdrawn their deposits.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 by President Ranil Wickremesinghe as Finance, Economic Stabilization and National Policies Minister to grant an annual interest rate of 10 percent for fixed deposits, for a maximum of one million rupees, of senior citizens above 60 years for a period of two years.