The special interest rate system provided by banks for fixed deposits for senior citizens above 60 years of age has been suspended with effect from yesterday (01). The Central Bank of Sri Lanka has sent a circular to all the banks, instructing them to inform the concerned customers that this special interest rate for senior citizens has been suspended.
The Central Bank of Sri Lanka has decided to suspend this special interest rate under the current interest rates and under the new financial management strategies. 15 per cent of annual interest rate was offred for the deposit not exceed that Rs 1.5 million on bank fixed deposits for senior citizens. However, overall bank interest rates are currently high and an average fixed deposit has an annual interest rate of 14.5 percent. Accordingly, senior citizens will be entitled to an interest rate of 14.5 percent for their deposits from yesterday.