Extra Income

Mar 15, 2010 (LBO) – Payment of an extra 20 percent ‘bonus interest’ to Sri Lankan senior citizens on rupee deposits maintained at licensed commercial banks will start from Thursday, March 18, the Central Bank said. The government will pay the extra interest to citizens over 60 years of age subject to a limit of 120,000 rupees a year, it said in a statement.

The deposits that will receive bonus interest are existing or new rupee savings or fixed deposits held individually or jointly, deposit accounts of senior citizen with their spouses and joint deposits with individuals below 60 years of age other than the spouse.

The accounts should have been in operation before January 1, 2010. New joint accounts of this category will not be considered under the scheme, the Central Bank said.

Interest payments for January 2010 will start Thursday at the following banks: Bank of Ceylon, Citibank N.A, Deutsche Bank AG, Hatton National Bank PLC, Housing Development Finance Corporation Bank of Sri Lanka, ICICI Bank Ltd, MBSL Savings Bank Ltd, Nation Trust Bank PLC , Pan Asia Banking Corporation PLC, People’s Bank, Rajarata Development Bank, Sabaragamuwa Development Bank, Sampath Bank PLC, Sanasa Development Bank Ltd