Issue over special deposit renewal
View(s):Sri Lankan banks have advised customers that the renewal of their special deposit scheme fetching an interest rate of 15 per cent on a Rs.1.5 million (only for senior citizens) deposit should be done by presenting themselves to the bank in person for this purpose.
This scheme has been in force for several years but a circular by banks to customers mentioning a March 31 deadline saying if an in-person renewal is not obtained, the deposit would be automatically renewed for a further year at a much lower interest rate, created a lot of confusion.
Many deposit holders/senior citizens presented themselves in person at their banks but were told that they should come to the bank only when the deposit is up for renewal and seek an extension. Earlier the annual extension was automatic at 15 per cent and didn’t require an in-person appearance.
The new guidelines are believed to have been implemented due to irregularities in this scheme where deposits of some deposit-holders who
had passed away, continued under the next of
kin who were ineligible if they were below the 60-year category.
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