The Special Interest Scheme for Senior Citizens, which grants 3% greater interest for 12-month fixed deposits will be in effect from today (01 ), the Ministry of Finance has announced.The plan was approved by the Cabinet of Ministers under the Budget 2025 proposals.The plan aims to provide extra financial backing to senior citizens by using improved returns on their fixed deposit savings, the Finance Ministry said in a statement.The decision to offer relief was made in reaction to numerous important elements, consisting of the high expense of living, lowered market interest rates, and the increasing financial obstacles faced by senior citizens, especially in handling important costs like healthcare costs.
Recognizing the requirement to support this vulnerable group, the government has focused on the assistance through this scheme, the Ministry noted.Accordingly, the Special Interest Scheme for Senior Citizens 2025 is open to resident Sri Lankan citizens aged 60 years or above.
Fixed deposits under this plan can be opened during the period from July 1, 2025 to December 31, 2025, and all such deposits must have a 12-month set deposit period.
The overall value of deposits under the scheme should not exceed Rs.
1 million per depositor, regardless of the number of taking part banks.The Finance Ministry stated senior citizens will be entitled to receive the higher of the released repaired deposit rate of the bank or the Average Weighted Fixed Deposit Rate (AWFDR) plus 3% per annum.
Interest under this plan need to be withdrawn monthly.The plan will be executed through the 17 certified industrial banks; five (05) federal government banks and twelve (12) private banks that have actually confirmed participation.
As part of the procedure, customers are required to offer a statement confirming that the funds deposited are their own, their monthly earnings is less than Rs.
150,000, consenting to the sharing of appropriate information with the Ministry of Finance, Planning and Economic Development for verification functions, concurring that any false details provided will lead to disqualification from receiving the interest subsidy.The government has actually assigned Rs.
15 billion under Budget 2025 to offer the interest subsidy to getting involved banks in order to ensure elderly people get the additional interest benefit without delay.The statement said, seniors who wish to benefit from the scheme must check out the closest branch of the participating banks from July 1, 2025, with their National Identity Card (NIC) and other required documents, consisting of the TIN released by the IRD, to open a repaired deposit under this scheme.The Ministry of Finance has actually also noted its commitment to safeguarding the well-being of seniors and making sure that this program is carried out effectively and transparently.