Senior citizen’s 15% interest rate proposal becomes a reality
View(s):While welcoming the action taken by the government to implement a 15 per cent interest scheme for Rs.1 million fixed deposits in banks proposed in the 2015 interim budget, S.W. Kumaradasa, a senior citizen of Yatiyana Agalawatte claims that it was he whosubmitted a similar proposal to be included in the 2015 budget in response to July 24, 2014 newspaper advertisements of the Finance Ministry seeking public proposals for the budget.
In a letter to the Business Times, he noted that on July 27 he submitted 14 proposals including the 12 per cent increase of interest rate on fixed deposits at state banks amounting to the maximum of Rs.2.5 of senior citizens to the Finance Ministry.The same proposal had been forwarded to the President, and the Senior Assistant secretary to the President has sent him an acknowledgement letter dated 12 -09-2014, he disclosed. He noted that he has made many proposals to be included in the budget since 2010 and he is happy that one of his proposals has now become a reality.
Senior citizens are now relieved with the implementation of this budget proposal, he said in a letter to the Editor.
Mr. Kumaradasa paid a tribute to the Business Times for its efforts to create awareness among readers and the authorities for the acceptance of all Sri Lankan commercial banks to implement the 15 per cent special interest rate for deposits by senior citizens even two months after it was proposed.
He noted that the Business Times was in the forefront to highlight the plight of senior citizens suffering to meet their needs due to low interest rates for their fixed deposits in banks which is the sole income for their living.
Senior citizens have been appealing to authorities for an increase in their interest rate on their fixed deposits and they were compelled to deposit their hard earned money in finance companies.
But they had to deposit their money in commercial banks at low interest rates with the collapse of some finance companies; he said adding that some of them took the risk in maintaining their deposits in unsteady finance companies to get a better return on their funds.
That was why he has made this proposal to be included in the budget 2015, he revealed.