The Cabinet grants approval to fixed deposits of senior citizens

Cabinet Spokesman Mass Media Minister Dr. Bandula Gunawardhana
said, the Cabinet has granted its consent for the re-implementation of a
special interest rate, for fixed deposits of senior citizens.
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 been reduced to 8.5 percent, the Minister said,
noting that as a result, 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withdrawn their deposits.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.