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    HomeLocal NewsPlan to increase interest rates on senior citizen deposits

    Plan to increase interest rates on senior citizen deposits

    Minister of State for Finance Mr. Ranjith Siyambalapitiya says that the inquiry committee’s report on the increase of interest in all senior citizens’ accounts will be submitted to the President next week.

    The Minister of State has stated this when the committee appointed to prepare a report on raising the interest rate for senior citizen accounts met at the Ministry of Finance.

    The minister has stated that they will research the current economic situation to determine the appropriate amount from which the interest rate can be increased and will act accordingly.

    It is mentioned that there are about 11 lakh accounts owned by people over 60 years of age and the need to regularize them has also been emphasized here.

    In particular, the discussion here has focused on investigating individuals who maintain multiple bank accounts and deposit money from other parties into those accounts.

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