Lankapage Logo CP 18 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka raises ceiling, interest for senior citizens' fixed deposits to Rs. 1.5 mn at 15%
Wed, Feb 15, 2017, 01:40 pm SL Time, ColomboPage News Desk, Sri Lanka.

Feb 15, Colombo: The Sri Lankan government has raised the ceiling and the interest rate of senior citizens' fixed deposits, the Finance Ministry said.

According to a Finance Ministry statement, the upper limit of Fixed Deposits will be raised to Rs. 1.5 million at an interest of 15 percent per annum, effective from March 01.

According to the Finance Ministry the present Government, under its 100-day program, in the Budget - 2015 for the first time introduced a 15% special interest scheme for senior citizensí fixed deposits up to one million rupees maintained by senior citizens over the age of 60 years.

Accordingly, the Government pays the difference between the 15 percent and the market standard interest rate offered by commercial banks.

Treasury has incurred Rs. 13 billion for this purpose in 2016. As a result of this offer to senior citizens, the number of fixed deposits by senior citizens rose to 450,000 in 2016 from 91,000 in 2015.

The number of fixed deposits maintained by senior citizens is reported to have risen today to 500,000 since the Minister Ravi Karunanayake announced the continuation of the senior citizens deposits scheme which guarantees an interest of 15 percent for deposits with the increase of the upper limit up to Rs 1.5 million.

Director General of Department of Development Finance said that with the increase of the upper limit, Treasury has to spend Rs.18 billion to pay the 15 percent interest during this year.

Meanwhile, Finance Minister Ravi Karunanayake said that this Government introduced various facilities to assist senior citizens after 2015 as the ageing population is on the increase in the island.

In addition to the 15 percent interest, which was introduced in the country for the first time in 2015, the benefit of Agrahara Insurance Scheme available for the public servants was extended up to 70 years for the benefit of those who are retiring from the public sector.

In the Budget 2017 the Minister Ravi Karunanayake announced the extension of the insurance cover for the full life time of the retiring public servants from this January.

 


ColomboPage - Recent 10 Stories ::
Yowun Puraya affords Sri Lankan youth opportunity to contribute to country's economic, social and development process
-- [2 minutes ago]
Ceylon Oxygen Limited receives latest ISO 9001:2015 certification
-- [59 minutes ago]
Pakistan sends 10,000 MT of rice for drought affected people of Sri Lanka
-- [1 hour and 22 minutes ago]
India could collaborate in the development of three other ports in Sri Lanka - Ports Minister
-- [1 hour and 43 minutes ago]
Sri Lanka inks USD 17 million loan agreement with Kuwait for Kalu Ganga project
-- [2 hours ago]
Army personnel charged of assault on Journalist Keith Noyahr granted bail
-- [3 hours ago]
Sri Lanka grants dual citizenship to another 1750 expatriates
-- [3 hours ago]
No accession of Muslim abodes near Wilpattu Forest Reserves, government assures
-- [3 hours ago]
Ceylon Chamber seminar to discuss Implementation of WTO Trade Facilitation Agreement in Sri Lanka
-- [9 hours ago]
MP Wimal Weerawansa gives up hunger strike
-- [9 hours ago]

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.