Sri Lanka caps finance company interest rates for pensioners

EconomyNext – Sri Lanka’s Central Bank has capped interest rates finance companies can pay pensioners or depositors aged over 55 years at two percentage points above their maximum rate from January 1, 2015.

"Licensed Finance Companies may pay an additional interest rate of two percent above the maximum interest rates stipulated by the Central Bank for any savings deposit and time deposit by a person who is over 55 years of age," a statement said.

It said the maximum deposit interest rates that could be offered by finance companies to those over 55 years is as follows:

a. Savings deposits – 9.58 percent per annum.

b. Time deposits –

i For maturity period of one year or less – 13.01 percent per annum.
ii For maturity period of over one year and up to three years – 14.01 percent
per annum.
iii For maturity period of over three years – 15.51 percent per annum.

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