The Ministry of Finance has officially launched the special fixed deposit scheme for senior citizens.

Proposed in the Budget 2025, the scheme which is open to resident Sri Lankan citizens aged 60 years and above, comes into effect from today (July 01).

Eligible fixed deposits can be opened between July 01, 2025, and December 31, 2025, and must have a 12-month tenure.

The scheme will be implemented through the 17 licensed commercial banks; five (05) government banks and twelve (12) private banks that have confirmed participation. As part of the process, customers are required to provide a declaration confirming that the funds deposited are their own, their monthly income is less than Rs. 150,000, consenting to the sharing of relevant information with the Ministry of Finance, Planning and Economic Development for verification purposes, agreeing that any false information provided will result in disqualification from receiving the interest subsidy.

The government has allocated Rs. 30 billion to cover interest subsidies under this initiative.

Key features of the scheme:
– Deposit Period: 12 months (1 year)

– Deposit Limit: Maximum of Rs. 1 million

– Interest Benefit: Depositors will receive either

• An additional 3% over the Average Weighted Fixed Deposit Rate (AWFDR), or
• An additional 3% over the declared fixed deposit rate—whichever yields a higher return.

Senior citizens interested in availing themselves of the benefits are encouraged to visit the nearest bank branch starting today. Applicants must provide valid documentation, including their National Identity Card (NIC) and Taxpayer Identification Number (TIN) issued by the Inland Revenue Department (IRD).

This scheme aims to support the financial security of senior citizens by offering them a safer and higher-yielding savings option.

The Central Bank of Sri Lanka (CBSL) reports a 17.9% increase in foreign worker remittances for May 2025, bringing total remittances for the January–May period to US$ 3.1 billion.

Tourism earnings for May are estimated at US$ 164 million, contributing to a cumulative total of US$ 1.5 billion over the past year—highlighting a steady recovery in the tourism sector.

In terms of imports, US$ 118 million was spent on vehicle imports in May, with a total of US$ 312 million recorded from January to May 2025.

Sri Lanka’s gross official reserves remain stable at US$ 6.3 billion, maintaining the same level as in April.

On the domestic front, construction activity rebounded in May after a slowdown in April due to the festive season. The Sri Lanka Buyers Index rose to 59.7 points, signaling increased activity—especially in road development, which saw a notable rise in new project awards.

(dailynews.lk)

(Except for the headline, this story, originally published by dailynews.lk has not been edited by SLM staff)

Maureen Nelia Ballardney Hingert, Sri Lanka’s first beauty queen to act in Hollywood, has passed away at the age of 88.

The news was announced by former Miss Sri Lanka and actress Angela Seneviratne via Facebook.

Maureen made history by winning the Miss Ceylon title in 1955 and went on to represent the country at the Miss Universe pageant, where she was crowned second runner-up – a milestone achievement at the time.

Following her success, she entered the film industry and starred in several Hollywood productions. In 1958, she appeared in the film Gun Fever, and a photograph from the movie shoot was later published in Playboy magazine in September 1957 – making her the first and only Sri Lankan woman to be featured in the magazine.

She signed with major studios like 20th Century Fox and Universal International Studios, and her filmography includes titles such as The King and I, Fort Bowie, The Rawhide Trail, Gunman from Laredo, Pillars of the Sky, and The Adventures of Hiram Holiday, among others.

During her peak, she was regarded as one of the most beautiful actresses in Hollywood.

Maureen married Marion Zamperelli in 1958, later separating in 1970, and married William J. Ballard in 1976. 

She had two children, and after the tragic passing of her daughter due to cancer, Maureen chose to live a private life away from the public eye in Los Angeles, where she remained until her death.