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FINANCIAL CHRONICLE™ » ECONOMIC CHRONICLE™ » CB sets maximum deposit rates for senior citizens’ deposits in finance companies

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

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Ernie Tissera


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
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.

Daily FT

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