Sri Lanka's 🇱🇰 Cabinet approves special interest rate for senior citizens' fixed deposits

⭕️ Current fixed deposit rates have dropped to ~8.5%, leading many seniors to withdraw their savings.

⭕️ New policy: Senior citizens (60+) will receive a 10% annual interest rate on fixed deposits up to 1 million rupees for a 2-year period.

⭕️By this decision, the government essentially creates an allowance of Rs. 1,250 per month for seniors. as: (1M * (10% - 8.5%)) / 12 = Rs. 1,250/month.