Seniors welcome three percent increase in deposit rates

The Sunrise Senior Foundation (SSF) has welcomed a move by the government to offer an extra three per cent interest on deposits by senior citizens with effect from July 2025 which would help to improve the income levels of this category of society.

“Senior citizens who depend on interest income have been suffering in recent years after the sharp fall in interest rates to single digit levels and the latest move by the government will alleviate some of the suffering of this segment of the population who have contributed immensely to the development and discipline of the country,” a spokesperson for the SSF said in a statement.

The SSF, launched nearly 10 years ago, aims to represent the interests of senior citizens in Sri Lanka and publishes a magazine titled “SUNRISE’ with four issues a year, among many other activities benefiting senior citizens. It is also working on a policy document to assess the needs, wants and aspirations of senior citizens in the country and canvass support among policymakers.

The SSF said it would have been more beneficial if the 15 per cent interest on deposits of Rs.1.5 million, suspended in October 2022 was reintroduced. “However any increase in interest rates for senior citizens is welcome indeed,” the spokesperson said, adding that senior citizens have been struggling with a sharp fall in interest income which has dropped to a single digit level from double digits, more than a year ago.