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| Monday, 23 August 2004 |
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NSB Senior Citizens fixed deposit account tops Rs. 10 billion by Shirajiv Sirimane The National Savings Bank (NSB) Senior Citizens fixed deposit account (Gaurawa) has passed the Rs. 10 billion mark. This is after the bank decided to increase the interest rate to 9.75 percent. According to the Operational Department of the NSB, the bank decided to increase its interest rate by two percent early this month for senior citizens over 60 years of age. "This has had a very positive impact with more clients opening accounts," he said. The NSB, founded in 1972 under the then Minister of Finance, Dr. N. M. Perera to introduce savings habits among the poor now has a total deposit of over Rs. 160 billion. Pensioners who have served the country in various fields, after their retirement are somewhat helpless and live on their interests. "There have been numerous appeals from this sector to provide them with some incentives, said an official of the Marketing section. He said that the government too had requested the Bank to explore the possibility of increasing the interest for pensioners. He said that the bank has also decided to provide loans against these deposits on a special rate. "We will be charging only 2 percent more than the fixed deposit interest rate," he said. He said that the Gaurawa scheme is not only for pensioners but is also open to any person over 60. "It can be opened with Rs. 5,000 and many farmers and housewives too are now opening Gaurawa fixed deposits," he said. The bank with 112 branches and over 25 in the North East opened their last branch in the eastern province. "The interest for banking in the region is picking up and more people are having faith in the banking system," This is a very positive sign, he said. |
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