Fixed deposit service for senior citizens terminated
The Central Bank of Sri Lanka has issued a circular terminating further opening of special fixed deposit services for senior citizens.
Accordingly, all commercial banks will be prevented from opening new fixed deposits for senior citizens and those already opened will not be renewed after reaching maturity.
Commercial banks of Sri Lanka for many years provided a higher interest of 15 per cent for a maximum fixed deposit of Rs. 1.5 million for senior citizens and following the revision on interest rates even a normal fixed deposit of Rs. 1.5 million earns an interest of 23 per cent.
Accordingly, the termination of fixed deposit service for senior citizens will not be a loss for the customers at all, commercial banks opined.