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Senior Citicen Deposit limit reduced to 1 Million, But 15% Yet to come...

Sri Lanka BUSINESS:: CB caps senior citizen deposits to Rs.1mn at 12%: The Central Bank last week informed all commercial banks in the country to cap the single senior citizen s deposit value to Rs.1 million from the previously announced maximum of Rs.2.5 million, a Central Bank source told Mirror Business.


The measure was taken as per New Democratic Front s election manifesto which promised to offer a higher interest rate up to Rs.1 million of the deposit value of senior citizens in the country.Central Bank s Bank Supervision Department took instant measures to inform all banks last week of the new development and has advised the banks not proceed with the previous guidelines issued in line with the 2015 budget proposals.In an earlier instance, the apex body of the banking fraternity, the Sri Lanka Banks Association said, there were at least close to Rs.700 billion senior citizen deposits in the banking system.

However, t he capping of t he maximum deposit limit would now likely to lessen the amount that qualify to receive the12 percent additional interest.
Senior Citicen Deposit limit reduced to 1 Million, But 15% Yet to come...SocialTwist Tell-a-Friend

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