Cabinet approval to increase FD interest rates of senior citizens
August 6, 2024 10:23 am
The Cabinet of Ministers has approved the proposal to increase the annual interest rates of fixed deposits of senior citizens aged 60 years and above.
Accordingly, the interest rates are to be increased from the current 8.5% to 10% for fixed deposits up to Rs. 01 million for a period of two years, the Cabinet Spokesman said.
Speaking at the Cabinet press briefing held today (06), Minister Gunawardena stated that as the relevant interest rate has depreciated significantly to 8.5%, the senior citizen account holders have withdrawn their deposits.
Thus, the proposal submitted by President Ranil Wickremesinghe as the Minister of Finance to increase the annual interest rates of fixed deposits of senior citizens was approved by the Cabinet of Ministers.
