Special Fixed Deposit for Senior Citizen
Special Fixed Deposit Scheme for Senior Citizens
The Government of Sri Lanka, through the Budget 2025, has reintroduced the Special Interest Subsidy Scheme on Fixed Deposits for Senior Citizens to provide financial support for individuals aged 60 and above.
Objective
The scheme aims to ease the financial burden on senior citizens by providing an additional interest benefit on fixed deposits. It helps them meet essential expenses such as healthcare, food, and living costs while promoting financial inclusion.
Eligibility
- Must be a Sri Lankan citizen aged 60 years or above.
- National Identity Card (NIC) is required.
- Monthly income must be below Rs. 150,000.
Deposit Details
- Maximum deposit per individual: Rs. 1 million across all banks.
- Deposits can be new or converted from existing savings/fixed deposits.
- Joint accounts are permitted if both holders are senior citizens.
- Deposits will be accepted from July 1 to December 31, 2025, with a 12-month tenor only.
Interest Payment
- Interest is payable monthly and must be credited to a savings account.
- No penalty for premature withdrawals, though re-deposit restrictions will apply.
Duration
The scheme runs until December 31, 2025, or until the bank’s allocated interest subsidy limit is reached, whichever comes first.