15 % interest deposit rate for some senior citizens
View(s):Senior citizens, already getting 15 per cent interest on a deposit of Rs.1 million under the scheme announced in the interim budget 2015, can renew these 1-year deposits at the same rate when it expires, bankers said.
However that doesn’t apply to any new deposits in this category. This is until fresh guidelines are issued on the 2015 circular, they said. In the 2016 budget presented last November, a similar concession was given but only to deposits in finance companies upto Rs.1.5 million.
It was also to apply to senior citizens from 55 years upwards, as against the categorization of senior citizens aged 60 years in the earlier budget. A senior official of the Bank of Ceylon confirmed that automatic renewal of earlier deposits (made last year) under the 15 per cent category was taking place.
Last week the Central Bank said they had received implementing instructions on the 2016 budget proposal pertaining to finance companies and was sending out as circular. However finance companies said they were yet to receive such instructions.