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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » 15% interest rate for senior citizens-terms & conditions

15% interest rate for senior citizens-terms & conditions

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Teller

Teller
Moderator
Moderator

Commercial banks have been instructed to accept deposits of up to Rs. 1 million at 15 per cent interest from senior citizens over 60 years with no other limitations on periods, the Sri Lanka Banks Association said in a newspaper advertisement on Wednesday.
The notice said that “Under the new regulation any Sri Lankan citizen above 60 years of age will be entitled, to open an one year rupee fixed deposit/deposits up to Rs. 1 million in total, in licensed banks on an individual basis”.
This rule is applicable effective from January 16, 2015. The latest circular provides more clarity to the confusion and also that any person can open multiple accounts (not one single account) as long as it is within the prescribed Rs. 1 million. However the rule about the facility being restricted only to those who have up to Rs. 1 million in all banks, still applies. Senior depositors who have funds exceeding a total Rs.1 million are not eligible.
This is about the third amendment/clarification to the offer of 15 per cent interest rates to senior citizens as announced in the new Government budget. ""The proposal triggered a lot of confusion (it still does) as customers were given different versions by their banks.""

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Can both husband & wife in a family under the senior citizen category open fix deposit of Rs.1m each at the rate of 15%?

Senior Citizen

Senior Citizen
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
@worthiness wrote:Can both husband & wife in a family under the senior citizen category open fix deposit of Rs.1m each at the rate of 15%?
Can one husband and two wives open a FD for a million each @ 15p.a. Amounting to 3M?
lol!

Gamunu


Senior Equity Analytic
Senior Equity Analytic
the rest going above 1M will be at what rate? for the 1 mil you get 12500rs /month not a bad investment considering the bourse these days

Teller

Teller
Moderator
Moderator
To worthiness, husband and wife are over 60 of age have to open two fd accounts and.can be nominated each other as in case of death.It should not exceeds over 1 million for one unit.


_________________




Teller said is said..

bandulawee


Manager - Equity Analytics
Manager - Equity Analytics
Is this rule been adopted by all banks. Does it mean that Banks which accepted Rs 1 m at 12% during the confusion times have to adjust the rate to 15%. As far as I am aware NDB Bank has not made any adjustment to the previous rate and might be the case with many other banks. Can Central Bank once and for all issue clearly worded circular to all Banks to immediately revise the rates.

worthiness


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
@Teller

Thank you for your clear answer.

One state bank is still not sure of opening two senior citizen accounts for husband & wife within a family.

bandulawee


Manager - Equity Analytics
Manager - Equity Analytics
name the bank and they will take action to follow others

Burgherboy


Stock Trader
"Senior depositors who have funds exceeding a total Rs.1 million are not eligible".
What does this really mean??
Seniors with funds in excess of Rs 1million are completely disqualified or does it mean that the funds in excess of Rs 1 million will not qualify for the special rate???
If the latter is true then IMO further clarification is warranted because it could be misinterpreted that SENIOR DEPOSITORS who have funds in excess of Rs 1 million are not eligible.

Teller

Teller
Moderator
Moderator
It says special rate will only applicable one million or below. The depositor may not allow multiple deposits any commercial bank or finance company under this special rate. One and Only.


_________________




Teller said is said..

Senior Citizen

Senior Citizen
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
What it means is that wherever possible the senior citizens should not be given this benefit as it will be borne by the Govt.

YP has made a series of blunders that now cannot be revoked, reconciled, corrected or recompensed.

The penalty will be paid in full without a discounted price!
lol! lol! lol!

bandulawee


Manager - Equity Analytics
Manager - Equity Analytics
There was a lot of speculation on this issue in this forum.
This was mainly because of the decision of the previous government to pay 12% interest on Rs 2.5 million and present governments decision to pay 15% interest on Rs 1 million to Senior Citizens.
Following is the press release of Central Bank dated 13.03.2015 as appearing in the official site of Central Bank of Ceylon.

Issue of New Operating Instructions on the
Special Interest Scheme for Senior Citizens
The Central Bank, with the approval of the Ministry of Finance, has issued new Operating
Instructions on behalf of the Government of Sri Lanka to all banks today on the above
scheme. Key features of the scheme are as follows:
 Eligible senior citizens:
All resident Sri Lankan citizens above 60 years of age
 Deposits covered:
(a) One year Rupee fixed deposits of up to Rupees one million in total opened in
banks by eligible senior citizens on an individual basis with effect from
16.01.2015.
(b) Fixed deposits of up to Rupees 2.5 million opened prior to 16.01.2015 under the
12% Special Interest Scheme.
 Interest rate payable with effect from the date of opening the deposit:
(a) 15% per annum for (a) above
(b) 12% per annum for (b) above
Accordingly, the Operating Instructions dated 25.02.2015 on this scheme were revoked.
Bank Supervision Department
13 March 2015

From these instructions it is clear that Senior Citizens who opened individual fixed deposit accounts for Rs 2.5 million prior to 16.01.2015 under 12% special interest scheme will continue to receive interest accordingly and those who opened individual fixed deposit accounts after 16.01.2015 for Rs 1.0 million will receive 15%.

This clarification was required because Commercial Banks by going by both instructions have paid only 12% on Rs 1.0 million fixed deposits placed by senior citizens on individual basis after 16.01.2015.

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