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* Sri Lanka Central Bank announces maximum limits for deposit interest rates
Wed, Apr 2, 2014, 12:57 pm SL Time, ColomboPage News Desk, Sri Lanka.

Apr 02, Colombo: Sri Lanka's Central Bank Tuesday announced the maximum deposit interest rates Licensed Finance Companies can pay to the account holders.

The maximum interest rates that could be offered for deposits accepted, maintained or renewed by the finance companies licensed under the Finance Business Act, No.42 of 2011 has been revised with effect from the 1st April 2014, the Bank announced.

Accordingly, the maximum interest rate that could be offered for savings deposits accepted, maintained by the finance companies licensed under the Finance Business Act, will be 7.58% per annum.

The maximum interest rates that could be offered for deposits accepted or renewed will be 11.01% per annum for maturity period of one year or less, 12.01% per annum for maturity period of over one year and up to three years and 13.51% per annum for maturity period of over three years.

In case where a savings or fixed deposit is made by a person who is over 55 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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