Special fixed deposit scheme for senior citizens

17 June 2025 04:07 pm Views - {{hitsCtrl.values.hits}} 19 Bookmark

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Colombo, June 17 (Daily Mirror) - The government has decided to introduce a special fixed deposit scheme for senior citizens, as proposed in the 2025 budget, Cabinet Spokesman and Minister Nalinda Jayatissa said today.

Addressing the weekely media brefing to announce Cabinet decisions, he said the proposal was submitted by the President in his capacity as the Minister of Finance, Economic Development and Plan Implementation.

According to the plan, the special fixed deposit scheme will be available for Sri Lankan citizens aged 60 years and above, for deposits made between July 1, 2025, and December 31, 2025.

The scheme will offer:

A 12-month deposit period with a maximum deposit limit of Rs. 1 million per individual.

A 3% additional annual interest above the Average Weighted Fixed Deposit Rate (AWFDR) or the officially declared fixed deposit interest rate.

To support this programme, the government has allocated Rs. 30 billion for interest relief payments.

Minister Jayatissa said this move aims to provide financial security and better returns for senior citizens during their retirement years.

Comments - 19

HAPPY FOR THE MAJORITY OF OUR PEOPLE WHO ARE STRUGGLING Tuesday, 17 June 2025 04:23 PM

EXCELLENT DECISION, WILL HELP THE MAJORITY OF OUR CITIZENS AND ENCOURAGE THEM TO SAVE.

15 23

Octogenarian Tuesday, 17 June 2025 04:28 PM

Thank you AKD/NPP for small mercies in these difficult times for you and for us.

10 23

Rohan vannitamby Tuesday, 17 June 2025 07:59 PM

This is utter rubbish you only get rs. 30000 per year which breaks down to2500 per month

7 19

Namal W Tuesday, 17 June 2025 04:58 PM

One million * 3 percent is extra 30, 000 rupees per year. It would have been better to to have given an interest based on a sliding interest rate, so that low income earners would have got a better rate like may be 20% per year.

7 29

Ram P Tuesday, 17 June 2025 05:17 PM

Something is better than nothing is what I can say about this. The interest offered is too low for our aged aunties

5 39

Citizen Tuesday, 17 June 2025 05:25 PM

Great news an increase of 2,500 per person who can find a million within this period. Ha ha.

7 28

Cassie Tuesday, 17 June 2025 06:18 PM

A 60 year old is still quite young and mostly strong. Without making seniors live off interest rates and be bored, isn't it better to 'to use the thirty billion to develop and fund cottage industries for them to monetize their skills, talents and life experience? At least have weekly indoor markets, fairs, stalls, and small interest loans for supplies and sewing machines etc. Help seniors by giving them exclusive commercial space for tutoring/training the younger generation to gain a wide variety of skills which may not be available elsewhere. It's a win for seniors who have much to give back.

7 22

Easo Tuesday, 17 June 2025 08:13 PM

If one feels 60 years is young why are they sent on retirement at 55 years and pay pension? Why can't they work till 60 or more ? And please note not all senior citizens are 60 years there are lot above 70 years

2 6

Cassie Wednesday, 18 June 2025 01:28 AM

@Easo, the retirement age in countries in the Indian subcontinent are 67 to 69 years. In Sri Lanka it is 60 years, which is less than what is considered as early retirement in western countries. With improved life expectancy due to medical advancements and education on healthy lifestyles, it makes no sense to put capable people out of the workforce at the young age of 60 when they can put in at least 10 to 15 years of productivity.

2 3

Djay Tuesday, 17 June 2025 06:29 PM

Seriously? One Million? you need to increase the limit. Considering the current cost of living this is peanuts.

4 27

Easo Tuesday, 17 June 2025 06:31 PM

Government pensioners were given an increase which will continue for ever. For them this is an addition, but for those senior citizens who do not get a pension this 2,500 for an year is the only benefit for which they have to find a million. Is this a fair deal ? This NPP is making a great mistake by ignoring this sector who also worked for this country.

2 29

Guppi Tuesday, 17 June 2025 08:41 PM

The age limit?

0 1

hadi Tuesday, 17 June 2025 08:56 PM

Before this senior citizen were given 15% interest for upto1.5 million upto end of 2024. Current weighted average is maximum 7% interest and under new scheme it will be 3 7or 10% which is very low Therefore senior citizens are deceived,isn't it???

1 9

ganesh Tuesday, 17 June 2025 09:07 PM

This is something not clear when it mentions about people who deposit one million between July 1 2025 and 31 December 2025 . What about the senior citizens who have already deposited Rs 1.5 million at the rate of interest 15% now getting 7.5% . Could anybody be able clarify this complication in detail?

0 5

Dr Tissa Fernando Tuesday, 17 June 2025 09:12 PM

Useless and wastage of Rs 30 billions. it is better to spend this money on health care, dengu control etc. Instead of doing the right thing these pachas are resorting to giving money. Rs 2500 does not make any difference.

2 3

Taxpayer Tuesday, 17 June 2025 10:57 PM

Can these financial wizards who offer great comments, realise that any increases in FD rates means it has to be financed by the taxpayer and these reliefs (Rs.30 Billion) are a balancing act in the total budget. Certainly the govt can give all as commented, but then someone (taxpayers) bear the burden. Everyone likes a free lunch but who foots the bill.

1 4

kumar Wednesday, 18 June 2025 07:29 AM

a 3% resulting in 3 Billion. Imagin the undue profits made by Banks with the help of the Governor. What we need is to trim the spread as well encourage lending to small

0 1

Mohan Saturday, 21 June 2025 04:21 AM

There is saying which goes beware of those bearing gifts. The government regularly borrows money. The most common route is selling bonds to professional investors but this is not going well. So they have cooked up this time limited scheme to get over the problem by borrowing from the pensioners because the pensioners are effectively giving a loan to the government. The big advantage is that pensioners unlike professional bond holders are likely to leave the money with the government (bank) for longer effectively making it a long term loan. Currently the government is paying the professionals 10.5% for a 4 year loan and 11.5% for a 7 year loan. They are offering 10% to the pensioner. The government wins by borrowing cheaply from the pensioner and the pensioner wins as gets the extra 3% less tax. It is a win win depending on your point of view.

0 0

Mohan Saturday, 21 June 2025 01:27 PM

There is a saying that goes 'Beware of those bearing gifts'. This is a scheme for the government to borrow money from the pensioners. When you deposit money the money is available for the government to use and they also know that pensioners are unlikely to withdraw the deposit for many years, effectively making it a long term loan to the government. The interest paid to pensioners is less than what they are paying professional investors. We should think of it as the pensioners helping the government and them saying thank you with a 3% interest bonus.

0 0

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