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* Sri Lanka Central Bank to pay higher interest to senior citizens
Mon, Mar 15, 2010, 09:19 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 15, Colombo: Sri Lanka Central Bank will start paying 20 percent bonus interest to senior citizens on rupee deposits maintained in licensed banks for the month of January from Thursday (18), the Central Bank announced today.

The government has made the decision to pay extra interest for citizens over 60 years of age on their rupee deposits subjected to a 120,000 rupee limit per year.

The deposits that are eligible to receive the bonus interest include existing or new rupee savings or fixed deposit accounts of senior citizens held individually or jointly, existing or new joint deposit accounts of senior citizens with the spouses and joint deposit accounts of senior citizens with individuals below 60 years of age.

The accounts have to be in operation before January 1st, 2010. New joint accounts of this category will not be considered under the scheme, the Central bank informed.

The accounts must be in a licensed bank to receive the benefit. The payments will start Thursday at the following banks: Bank of Ceylon, Citibank N.A, Deutsche Bank AG, Hatton National Bank PLC, Housing Development Finance Corporation Bank of Sri Lanka, ICICI Bank Ltd, MBSL Savings Bank Ltd, Nation Trust Bank PLC , Pan Asia Banking Corporation PLC, People’s Bank, Rajarata Development Bank, Sabaragamuwa Development Bank, Sampath Bank PLC, Sanasa Development Bank Ltd., The Hongkong & Shanghai Banking Corporation Ltd, Union Bank of Colombo Ltd, and Wayamba Development Bank.

The payments of bonus interest to depositors at other licensed banks will be made for January and February 2010 together, upon the submission of necessary information by such banks, the Central Bank said.

In order to facilitate the payments, small amounts of bonus interest will be accumulated to a value of 100 rupees or more per senior citizen and paid.

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