The Central Bank of Sri Lanka has issued a circular stopping the opening of new fixed deposits for senior citizens.

Accordingly, commercial banks also say that from now on, new senior citizen fixed deposits will not be opened, and existing fixed deposits will not be extended after maturity.

For many years, commercial banks have been offering a higher rate of 15% per annum to senior citizens for a maximum fixed deposit of Rs 15 lakh.

When asked about this, a senior officer of the central bank said that those who deposit 15 lakh rupees in a regular fixed deposit are currently getting an interest rate of 23%.


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