Fixed Deposits - No change in interest payable to senior citizens’

*The special interest rate of 15% payable to senior citizens for their fixed deposits has not been r

7 July 2020 05:40 pm - 6     - {{hitsCtrl.values.hits}}

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The Ministry of Finance, Economy and Policy Development said today the special interest rate of 15% payable to senior citizens for their fixed deposits had not been revised or reduced and would be continued to be paid as usual.

Dismissing some media reports that the special interest rate paid to fixed deposits of senior citizens had been reduced and the tax relief removed, a ministry spokesman said the ‘Special Interest Rate on Fixed Deposits by Senior Citizens’ introduced in 2014 had not been changed and would continue uninterrupted. The income tax benefits would also remain unchanged.

Soon after this government came to power on January 1, 2020, it lifted the withholding tax charged on the income earned from interest revenue of up to Rs.250,000 a month or Rs.3 million annually.

“Therefore, the public and senior citizens in particular must not panic over a canard being spread by interested parties to disrupt peace and tranquility in the country,” the spokesman said. (Sandun A Jayasekera)

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  Comments - 6

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  • Demuni Uduwara Wednesday, 08 July 2020 02:22 AM

    What did Bandula Gunawardana uttered at the media briefing?

    Siri Wednesday, 08 July 2020 04:46 AM

    Gota's show-off towards CB, has resulted to reduce the interest rates. Do not emphasize only seniors, other citizens too need to survive.

    Odin Wednesday, 08 July 2020 07:05 AM

    They way this govt. works- anything is posible. No smoke without a fire!

    Prem Nalin Wednesday, 08 July 2020 07:45 AM

    Every government must look after poor, middle-class elderly peoples income, health, etc. When they were young many they worked hard even abroad

    Senior citizen Wednesday, 08 July 2020 09:11 AM

    Sir, please increase the FD rates as the present 6.30% and 6.5% paid monthly by private banks is insufficient to pay rents and eat and buy medicine. Please help us live decently..

    APPEAL Wednesday, 08 July 2020 09:25 AM

    Increase the senior citizens interest rate to 20% and also increase senior citizens pensions by 10% - as the pensions calculated for pensioners for those now at the age of 75 or more is a paltry sum. Do so before elections and you will be surely voted in


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