Sri Lanka raises senior citizens’ fixed deposit interest rates to 10%
Posted by ONLANKA Newsroom on August 6, 2024 - 12:15 pm
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The Cabinet of Ministers in Sri Lanka has approved a proposal to raise the annual interest rates for senior citizens’ fixed deposits from 8.5% to 10%.
Cabinet Spokesman Bandula Gunawardena stated that this increase will apply to deposits up to Rs. 1 million for a two-year term.
Speaking at the Cabinet press briefing today (August 06), Minister Gunawardena mentioned that the interest rate had significantly depreciated to 8.5%, leading senior citizens to withdraw their deposits.
Therefore, the proposal submitted by President Ranil Wickremesinghe, in his capacity as Minister of Finance, to increase the interest rates on fixed deposits for senior citizens was approved by the Cabinet of Ministers.
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