CB sets maximum deposit rates for senior citizens’ deposits in finance companies

Friday, 2 January 2015 00:00 - - {{hitsCtrl.values.hits}}

The Central Bank yesterday announced that it has set maximum deposit interest rates payable by Licensed Finance Companies for a person who is over 55 years of age. It said that the Licensed Finance Companies may pay an additional interest rate of 2% above the maximum interest rates stipulated by the Central Bank of Sri Lanka for any savings deposit accepted or maintained and time deposit accepted from or renewed by a person who is over 55 years of age with effect from 1 January. Accordingly, the maximum deposit interest rates that could be offered by Licensed Finance Companies to a person who is over 55 years of age is as follows: a. Savings deposits accepted or maintained shall be 9.58% per annum. b. Time deposits accepted or renewed shall be as follows, i. For maturity period of one year or less – 13.01% per annum. ii. For maturity period of over one year and up to three years – 14.01% per annum. iii For maturity period of over three years – 15.51% per annum.

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