Finance and Planning Ministry announces change in interest rates for senior citizens

Finance and Planning Ministry announces change in interest rates for senior citizens

Finance and Planning Ministry announces change in interest rates for senior citizens

Written by Staff Writer

24 Dec, 2014 | 10:58 am

The interest income of individuals who are above sixty has been released from income taxes. The Ministry of Finance and Planning says that this will come in to effect from  January 1, 2015.

Ministry of Finance and Planning noted that the policy is implemented as per a proposal of the last budget.

According to a release issued by the Finance Ministry from January 1, fixed deposits worth more that Rs.2.5 million maintained at state banks by senior citizens, will receive a 12% interest rate, so that the monthly interest income would be Rs.25,000.

The Ministry requests senior depositors to inquire from banks about their eligibility for this service.

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