Sri Lanka, July 1 -- The Special Interest Scheme for Senior Citizens, which grants 3% higher interest for 12-month fixed deposits will be in effect from today (01), the Ministry of Finance has announced.

The scheme was approved by the Cabinet of Ministers under the Budget 2025 proposals.

The scheme aims to provide additional financial support to senior citizens by offering enhanced returns on their fixed deposit savings, the Finance Ministry said in a statement.

The decision to provide relief was made in response to several critical factors, including the high cost of living, reduced market interest rates, and the increasing financial challenges faced by senior citizens, particularly in managing essential expenses like healthcare costs...