The Ministry of Finance has officially launched a revised special interest rate scheme for senior citizens, effective today, July 1, 2025. This initiative, introduced under the 2025 Budget proposals and approved by the Cabinet, aims to enhance the financial well-being of elderly citizens.
According to the Ministry, individuals aged 60 and above are eligible to participate in the scheme, which allows them to open fixed deposits of up to Rs. 1 million at licensed commercial banks for a 12-month term.
These deposits will earn an additional 3% annual interest above the prevailing market rate, providing a safer and more rewarding savings option for senior citizens.
The scheme is available from July 1 to December 31, 2025, and is supported by a Rs. 15 billion allocation in the national budget to fund the interest subsidy.
President Anura Kumara Dissanayake has emphasized that this measure is part of a broader effort to strengthen the economic security of the elderly population.
The Ministry of Finance has encouraged all eligible individuals to visit their nearest bank branch with their National Identity Card and required documentation to open a fixed deposit under the scheme.
