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CB issues fresh instructions on senior citizens’ special interest scheme

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pentionist cartoonThe Central Bank, with the approval of the Ministry of Finance, on Friday issued new operating instructions on behalf of the Government of Sri Lanka to all banks on the special interest scheme for senior citizens. Key features of the scheme are as follows: -

Eligible senior citizens: All resident Sri Lankan citizens above 60 years of age - Deposits covered: a.One year rupee fixed deposits of up to rupees one million in total opened in banks by eligible senior citizens on an individual basis with effect from 16 January 2015.b.Fixed deposits of up to Rs. 2.5 million opened prior to 16 January 2015 under the 12% special interest scheme. - Interest rate payable with effect from the date of opening the deposit: a.15% per annum for (a) above (b) 12% per annum for (b) above Accordingly, the operating instructions dated 25 February 2015 on this scheme were revoked, the Central Bank said.