By Menaka Indrakumar
Ceylon Finance Today: Over 280,000 senior citizens would be benefitting from a government announcement that fixed deposits worth more than Rs 2.5 million maintained at State banks by senior citizens, will receive an increased 12% interest rate and that earnings would be interest free.
This is a Budget 2015 proposal and would be implemented with effect from 1 January, Deputy Secretary to the Treasury Dr. Suren Batagoda told Ceylon FT yesterday. "There will be 280,000 senior citizens who will be getting an added interest which will also be tax free, he said.
He also said that Rs 30 billion was allocated in Budget 2015 for this purpose and if the need occurred, the government will increase the amount. The Finance Ministry also requests senior citizens to inquire from banks about their eligibility for this benefit.
www.ceylontoday.lk
Ceylon Finance Today: Over 280,000 senior citizens would be benefitting from a government announcement that fixed deposits worth more than Rs 2.5 million maintained at State banks by senior citizens, will receive an increased 12% interest rate and that earnings would be interest free.
This is a Budget 2015 proposal and would be implemented with effect from 1 January, Deputy Secretary to the Treasury Dr. Suren Batagoda told Ceylon FT yesterday. "There will be 280,000 senior citizens who will be getting an added interest which will also be tax free, he said.
He also said that Rs 30 billion was allocated in Budget 2015 for this purpose and if the need occurred, the government will increase the amount. The Finance Ministry also requests senior citizens to inquire from banks about their eligibility for this benefit.
www.ceylontoday.lk
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