• Finance Min. notes need to allocate Rs. 40 b per annum for same
• Public Admin.-Home Affairs Secy. to raise matter with Treasury Secy., per Pensioners’ Unions’ 

The Parliamentary Opposition urged the Government to resume the 15% interest given to the senior citizens’ special fixed deposit accounts (FDs), which was terminated by the Central Bank of Sri Lanka (CBSL) following the country’s economic crisis.

Speaking in the Parliament yesterday (25), Samagi Jana Balawegaya and Opposition Leader, Sajith Premadasa stated that with the termination of this special interest rate, senior citizens have had to face many financial difficulties in a context where essentials and medicines are at high prices. He also said that the CBSL’s decision should be revised immediately, giving benefits to senior citizens who have made many sacrifices for the development of the nation. He also noted that even though he had raised the same question several times in the House, it seems that the Government does not act empathetically to address the matter. 

“Few years ago, the Government terminated the 15% interest rate given to senior citizens' FDs. Now, they are given only a 7-8% interest rate. As we know, the pensioners are getting a very small amount of money as the pension. It is not enough to fulfil even their basic requirements. They manage their lives through these savings. Therefore, I urge the Government to look into this matter urgently,” he said.

Responding to Premadasa, State Minister of Finance Ranjith Siyambalapitiya said that the Government needs some time to make a decision in this regard as the Government is yet to allocate funds for certain banks to replenish the amount of money spent on these special interest rates. He also said that the Government has to allocate around Rs. 40 billion annually if they are giving the 15% interest rate again. However, he said that the Government has not disregarded the concerns raised by the Opposition and senior citizens, and that the prevailing conditions will be revised gradually.

Meanwhile, speaking to The Daily Morning yesterday, Collective of Pensioners' Unions Co-Convenor G.W. Gamini said that Secretary to the Ministry of Public Administration and Home Affairs Pradeep Yasaratne, had promised them last week to raise the particular issue with the Secretary to the Treasury to reach a final decision. Speaking further, he noted that they have to face many hardships in terms of the economy due to the fiscal policies implemented by the Government recently and hence urged the authorities to do justice for retired senior citizens.

In 2022, the respective interest scheme was temporarily terminated with immediate effect in the wake of adjusted policy rates and record high rates for Treasury bonds. Senior citizens’ FD accounts that fall under the special high interest rate scheme previously received an interest rate of 15%. If they were converted into a normal FD account, they could, at the time, get an interest rate of 14.5%, according to the policies.