Senior citizens get bonus on interest

Nadira GUNATILLEKE

All Sri Lankan citizens above 60 will receive a bonus interest of 20 percent on the interest drawn from their savings and fixed deposit accounts maintained at any state or private registered bank in Sri Lanka from January 1 this year, Export Development and International Trade Minister and Cabinet Spokesman Prof. G. L. Peiris said.

According to Prof. Peiris, Cabinet has approved a Cabinet memorandum presented by President Mahinda Rajapaksa as Finance and Planning Minister to pay an extra interest of 20 percent on their current interest for all senior citizens to strengthen their economy and ensure their well-being.

Under the new measure, all senior citizens who receive interest in rupees from their bank accounts will receive an additional interest of 20 percent on this interest.

It will be within the limits of Rs.120,000 per year and Rs.10,000 per month. One of the main factors affecting the growth of small and medium scale enterprises was the high interest rates that existed in the past. At that time the interest rate of treasury bills reached 20 percent.

But now the interest has gone down to 8 to 10 percent. This is a very healthy trend for the growth of small and medium scale enterprises, he added.