The special fixed deposit scheme for senior citizens, as proposed in the budget for the year 2025, comes into effect from today, 01 July 2025, the Ministry of Finance announced.
Accordingly, the proposed special fixed deposit scheme will be implemented as follows:
This scheme is applicable for fixed deposits opened within the period from 01 July 2025 to 31 December 2025 by Sri Lankan citizens aged 60 years or more.
The period of the fixed deposit is 12 months (one year), and the maximum deposit value is Rs. 01 million.
Payment of the higher value from the value when a 3% additional annual amount is added to the average weighted fixed deposits rate (AWFDR) or the value when a 3% addition is made to the declared fixed deposit interest rate.
The government has allocated Rs. 30 billion for the payment of interest relief for this whole programme.
Senior citizens who wish to benefit from this scheme are advised to visit their nearest bank branch from today.
They have been requested to open a fixed deposit under this scheme using the necessary documents, including the National Identity Card (NIC) and Taxpayer Identification Number (TIN) issued by the Inland Revenue Department (IRD). (Newswire)
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