Beware, those manipulating senior citizens’ bank accounts

March, 10, 2015

The Bank of Ceylon is on its alert to find out whether certain persons or parties are involved in obtaining low interest loans from state banks and depositing the funds in senior citizens’ fixed deposit accounts to obtain the specified 15 per cent interest rates, said Bank of Ceylon General Manager D.K. Gunasekera.

Keen attention is being drawn into the bona fides of these senior citizens’ accounts to which the government provides a 15 per cent interest, said Gunasekera whie speaking to the media at the Finance Ministry this morning (10 March).

According to the interim budget, if senior citizens over 60 years possess deposits below Rs. 01 million by 31 December 2014 it qualifies for the 15 per cent interest and if the deposits are above Rs. 01 million, then it does not.

During this media briefing, it was revealed that all state owned banks have implemented this budget proposal from 01 February.

It was also revealed that those senior citizens over 60 years of age who open new accounts at state banks and if their deposits are below Rs. 01 million, then they too would be entitled to this 15 per cent interest.

To qualify for this interest rate, it is compulsory that senior citizens open new accounts instead of their existing accounts.

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