State Minister of Finance Ranjith Siyambalapitiya says that the analysis report pertaining to the interest rates applicable to the savings of senior citizens will be handed over to President Ranil Wickremesinghe next week.

Siyambalapitiya revealed this, during a meeting with the committee appointed to conduct a comprehensive analysis and prepare a detailed report on the possibility of increasing interest rates for senior citizens’ savings, held at the Ministry of Finance on May 17.

Senior citizens’ bank interest income below Rs.100,000 exempt from WHT

During the meeting, the Finance State Minister instructed the committee to determine the feasible increase in interest rates, considering current cash flows and the country’s economic situation.

Additionally, the need to regularize around 1.1 million accounts owned by citizens over 60 years of age has reportedly been emphasized.

The committee has also been directed to investigate individuals maintaining multiple bank accounts and potentially depositing money from other parties into those accounts to earn higher interest rates.

source adaderana