Senior Citizens Smiling with Higher Interest Rates

Colombo, Sri Lanka – In a much-awaited move to support the elderly population, President Anura Kumara Dissanayake announced during the 2025 budget speech that senior citizens will receive an additional 3% interest rate on their fixed deposits, over and above the prevailing market rate.

Currently, fixed deposit interest rates hover around 8%, causing financial strain on many senior citizens who rely on interest income for their daily expenses. In the past, they enjoyed rates as high as 15%, allowing them to comfortably manage their monthly costs. However, with the recent economic downturn, these rates plummeted, leaving the elderly struggling to make ends meet. Despite their protests and pleas for relief, previous measures failed to address their concerns.

Under the newly introduced policy, an extra 3% interest rate will be granted to fixed deposits held by senior citizens, subject to a maximum deposit limit of Rs. 1 million. To facilitate the implementation of this initiative, the government has allocated Rs. 15 billion in the 2025 budget.

New Hope  

This special financial policy aims to ensure the economic security of the elderly, offering them a stable source of income and much-needed financial relief. The initiative has already been met with widespread appreciation, with many senior citizens expressing renewed hope for a more secure and comfortable future.

With this step, the government reaffirms its commitment to safeguarding the financial well-being of its aging population