‘Finance Minister cheats elders’ in 15 % interest rate fiasco, says senior citizens

Anger and concern over the about-turn by the Sri Lankan Government in the eligibility criteria in 15 per cent interest for senior citizens is growing, bankers and senior residents said on Tuesday.

Letters were received by the Business Times raising concerns over the issue with one retired brigadier accusing the Finance Minister of cheating.

Under the eligibility criteria, only elder citizens (over 60 years) with a total sum of less than Rs.1 million in a fixed deposit/s in all commercial banks are entitled to the 15 per cent interest a single Rs. 1million deposit account.

“I think if the system is so the Finance Minister has cheated all senior citizens in the country and misled the entire country,” noted retired Brigadier Neville Fernando.

Having being informed of the new rule by his bank, NSB, Mr. Fernando said that, “Does the minister expect us the senior citizens of this country, to keep the little balance savings we have under the pillow and go to sleep? Either the banks are clueless or the finance minister is a cheat”.

Senior citizens were stunned when they were told by the banks of the new eligibility criteria which is not contained anywhere including in the budget proposal which was however vague.

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Posted in Business, News
4 comments on “‘Finance Minister cheats elders’ in 15 % interest rate fiasco, says senior citizens
  1. P. Amaratunga says:

    When I called Sampath bank today morning and inquired about this new government budget implementation regarding senior citizen fixed deposit 15% interest rate for one year I was shocked to hear that under this scheme eligibility is only to those who have existing fixed deposits and not for the people who wants to open new FD’S.
    After hearing this I was really confused , depressed and sad.
    So it is very clear now that this proposal is also another political gimmick and all the senior citizen in Sri Lanka have been misled by the current Finance Minister Ravi Karunanayake.
    This is definitely not so called good governance . As a responsible paper in Sri Lanka we sincerely hope that the Sunday Times newspaper will voice our opinion on this matter and publish more articles with regard to this matter and will be able to bring some consolation and relief to the senior citizen in this country.
    Thanks & B.Rgds

  2. Chandrasena says:

    Thanks Brigadier for raising our voice in a strong way. The senior citizens may be cheated or this may be a sabotage of a good intention of the new Finance Minister under Good Governance. Mahinda Rajapaksa’s budget invited senior citizens to open new FD accounts upto Rs 2.5 million at 12% interest rate. New interim budget proposals offer a 15% rate but senior citizens are not allowed to open new FD accounts. Then how can the senior citizens benefit of the new interest scheme without opening a new FD account? Those who prepared the guidelines for the banks on the new scheme are totally ignorant on this matter. The new eligibility criteria should be revised soon.

  3. malati says:

    Very unfair. We will receive the 15% only on one million, that too if it’s already an existing FD in a bank. What happens to the people who have money in other financial institutions. They cannot start any new FD’s, as they are not eligible for the 15%. We have invested our money in financial institutions taking a risk (eg. Ceylinco, Sakvithi etc) as we have to depend on this income. It’s time Sri Lanka pay attention to the Senior citizens in this country to make their lives comfortable. It’s not fair to cheat us.

  4. Nandasiri says:

    I am a senior citizen, I have my fixed deposit of Rs. 1 million in a bank since 12/06/2013. The interest rate agreed was 12% and they paid an amount of Rs. 10,000/= monthly, for 09 months and subsequently reduced to Rs, 9,600/=for three months, Rs.5,800/= in July 2014 and there on wards Rs. 6,041.66 monthly, to date,. When, inquired (verbally} It was the decision of central Bank (The government}. My consent was not to seek by the bank, When I request the bank to effect the new rate of 15% on my FD as per the circular displayed on their notice board, The manager is still trying to figure out the way to pay at the new rate. I, assume the manager has not received clear instructions from the top.I am waiting almost one month. They are trying hard to refrain from paying..SAKVITHI and DANDUWAM MUDALALI are dead, one more source is at large for advice.

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