CBSL to revise maximum interest rates

CBSL to revise maximum interest rates

Written by Staff Writer

02 Apr, 2014 | 4:44 pm

The Central bank of Sri Lanka has decided to revise the maximum interest rates that could be offered for deposits accepted, maintained or renewed by licensed finance companies, effective from  April 1, 2014.

A press releases issued by the Department of Supervision of Non-Bank Financial Institutions of the Central Bank of Sri Lanka, notes that the maximum interest rate that could be offered for savings deposits accepted or maintained by licensed finance companies shall be 7.58% per annum.

The maximum interest rates for deposits accepted or renewed, i.e.- fixed deposits, are as follows.

11.01% for a maturity period of one year or less.

12.01% for a maturity period of over one year and upto three years.

And 13.51% for a maturity period of over three years.

The CBSL notes that in the event that a savings or fixed deposit is made by a person who is over fifty five years of age, a finance company may pay an additional interest rate of one percent above the specified maximum interest rates.

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