By Charumini De Silva
The Central Bank said senior citizens above 55 years may receive 1% more than the above rates.
These maximum rates came into effect on 1 April.
Central Bank Governor, Ajith Nivard Cabraal, said the maximum deposit rate directive had been in force for many years. "We have now decided to inform the public in addition to giving the direction to the finance companies, in order that the process is more transparent," he said.
Central Bank Deputy Governor Dr. Nandalal Weerasinghe, said the directive was placed in order to prevent finance companies offering unnecessarily high interest rates.
www.ceylontoday.lk
Ceylon FT: The Central Bank yesterday (1) revised and made public, maximum interest rates finance companies could offer for savings and fixed deposits.
The maximum interest rate for savings deposits is 7.58%. For fixed deposits up to one year 11.01%, up to three years 12.01 and over three years 13.51%.
The Central Bank said senior citizens above 55 years may receive 1% more than the above rates.
These maximum rates came into effect on 1 April.
Central Bank Governor, Ajith Nivard Cabraal, said the maximum deposit rate directive had been in force for many years. "We have now decided to inform the public in addition to giving the direction to the finance companies, in order that the process is more transparent," he said.
Central Bank Deputy Governor Dr. Nandalal Weerasinghe, said the directive was placed in order to prevent finance companies offering unnecessarily high interest rates.
www.ceylontoday.lk
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