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Sri Lanka’s central bank issues new instructions on senior citizens interest scheme
13 Mar, 2015 22:00:15
Mar 13, 2015 (LBO) – Sri Lanka’s central bank with the approval of the finance ministry on Friday issued new operating instructions to all banks on the special interest scheme for senior citizens.

Key features of the scheme are as follows:

- Eligible senior citizens:
All resident Sri Lankan citizens above 60 years of age

- Deposits covered:
(a) One year Rupee fixed deposits of up to Rupees one million in total opened in banks by eligible senior citizens on an individual basis with effect from 16.01.2015.

(b) Fixed deposits of up to Rupees 2.5 million opened prior to 16.01.2015 under the 12% Special Interest Scheme.

- Interest rate payable with effect from the date of opening the deposit:
(a) 15% per annum for (a) above
(b) 12% per annum for (b) above

Previous operating instructions issued by the central bank on this scheme have been revoked.

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