The special fixed deposit scheme for senior citizens, as proposed in the budget for the year 2025, comes into effect from today, 01 July 2025, the Ministry of Finance announced. 

Accordingly, the proposed special fixed deposit scheme will be implemented as follows: 

• This scheme is applicable for fixed deposits opened within the period from 01 July 2025 to 31 December 2025 by Sri Lankan citizens aged 60 years or more. 
• The period of the fixed deposit is 12 months (one year), and the maximum deposit value is Rs. 01 million.
• Payment of the higher value from the value when a 3% additional annual amount is added to the average weighted fixed deposits rate (AWFDR) or the value when a 3% addition is made to the declared fixed deposit interest rate.

The government has allocated Rs. 30 billion for the payment of interest relief for this whole programme.  

Senior citizens who wish to benefit from this scheme are advised to visit their nearest bank branch from today.

They have been requested to open a fixed deposit under this scheme using the necessary documents, including the National Identity Card (NIC) and Taxpayer Identification Number (TIN) issued by the Inland Revenue Department (IRD). (Newswire)

The post Special fixed deposit scheme for senior citizens introduced appeared first on Newswire.

The government has decided to implement a special fixed deposit scheme for senior citizens, as proposed in the budget speech for the year 2025.

Accordingly, the Cabinet has approved the proposal submitted by the President, in his capacity as the Finance Minister, to implement the proposed special fixed deposit scheme as follows: 

• To implement this scheme for fixed deposits opened within the period from 01 July 2025 to 31 December 2025 by Sri Lankan citizens aged 60 years or more. 
• The period of the fixed deposit is 12 months (one year), and the maximum deposit value is Rs. 01 million.
• Payment of the higher value from the value when a 3% additional annual amount is added to the average weighted fixed deposits rate (AWFDR) or the value when a 3% addition is made to the declared fixed deposit interest rate.
• Allocation of Rs. 30 billion for the payment of interest relief for this whole programme. (Newswire)

The post Govt to introduce special Fixed Deposits Scheme for elderly citizens appeared first on Newswire.

The Cabinet of Ministers has approved granting a 10% annual interest for fixed deposits of senior citizens.

Accordingly, the 10% annual interest will be granted for two years for fixed deposits of up to Rs.1 million for senior citizens above 60 years of age.

The government states that the decision was taken after complaints of senior citizens withdrawing their fixed deposits due to the low interest rate of 8.5% provided previously.

As such, the President, in his capacity as the Minister of Finance and National Policies, had proposed revising the annual interest to 10% and granting it for two years for fixed deposits of up to Rs.1 million for senior citizens above 60 years of age. (Newswire)

The post FD interest rates for senior citizens increased appeared first on Newswire.

Sri Lanka’s Inland Revenue Department (lRD) has announced a significant financial relief initiative for senior citizens aged 60 and above. 

Issuing a statement, the department stated that the program is being launched in an effort to support the financial well-being of the state’s senior citizens.

The Inland Revenue Department further said that the program provides a refund of Advance Income Tax (AlT) deducted on interest income at 05% by the Banks or Financial institutions. 

Key highlights of the program are as follows:

Eligibility: 

All senior citizens who are 60 years of age or older and whose annual income (from 1st April to 3lst March of the following year) does not exceed Rs. 1,200,000/- and have had Advance Income Tax deducted on their interest income are eligible to apply for the refund. 

Refund Limits: 

Senior citizens can claim a maximum refund of up to Rs. 25,000/- per quarter. The claim must relate to a period commencing from April 1st 2023 and ending on March 31st 2024. This provision ensures that eligible individuals can benefit from this initiative throughout the year. 

Mode of Refund: 

The refund amount will be directly deposited into the designated bank account of the senior citizen. This secure and efficient method ensures that the refund reaches the intended recipient promptly. 

Application Process: 

Interested individuals can apply for the refund by completing the simple application forms available on the IRD’s website (www.ird.gov.lk) or by visiting the nearest metropolitan or regional office. 

Documentation: 

Applicants will need to provide supporting documentation, including copies of their identification, proof of age, bank statements reflecting interest income, and documents confirming the Advance Income Tax deductions. 

Review and Processing: 

Once the application is submitted, the IRD will review the documents and verify the eligibility criteria. 

Assistance: 

The IRD is committed to providing guidance and assistance throughout the application process. IRD customer support teams at metropolitan and regional offices are available to provide support as needed. 

For more information about the Senior Citizens’ Advance Income Tax Refund Program, please visit www.ird.gov.lk or contact the IRD’s Call Center by dialling 1944. (NewsWire)

The post IRD introduces income tax reimbursement for senior citizens appeared first on Newswire.