NewsThe upper limit to pay 15% special interest on fixed deposits maintained by senior citizens in the licensed commercial banks and the licensed Specialized Banks has been increased up to Rs.1.5 million from the current limit of Rs.1 million with effect from March 01, the Finance Ministry said today. Finance Minister Ravi Karunanayake said that the measure was among a series of other benefits provided to senior citizens. The present Government, under its 100- day programme, in the Budget - 2015 for the first time introduced a 15% special interest scheme for senior citizens’ fixed deposits up to one million rupees maintained by senior citizens over the age of 60 years. 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 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.

Source: Sunday Times February 15, 2017 07:47 UTC