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Mar 11, 2015 (LBO) – Sri Lanka’s state banks have extended the 15 percent senior citizens interest rate scheme for new fixed deposits of up to one million rupees amid quarries from dissatisfied elders.

Even though the scheme has been extended, general manager of bank of Ceylon D.M Gunasekara said that banks will consider only ‘genuine’ senior citizens to open up new fixed deposits.

We are taking National Identity Card numbers and maintaining a record of interest payments in order to stop senior citizens trying to take low interest loans from one bank and depositing it in high interest fixed deposits in another bank. Gunasekara said.

However the Central Bank has not yet published a press release extending the scheme for new fixed deposits coming to effect after 31 January 2015.

I was not very clear about the new money, now I have got instructions, even they can bring new money and open up to one million…, an official of the central bank said.

We haven’t received the circular yet, a deputy director of central bank told LBO.

Speaking at the press briefing, Tuesday finance minister Ravi Karunanayake asked central bank to defend their actions.

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