Central Bank sets maximum deposit interest rates for finance companies
View(s):The Central Bank (CB) this week announced maximum deposit rates at between 7.5 per cent and 12 per cent depending on the tenure of the deposit. These rates are being revised with effect from April 1.
The rates are as follows:
a. The maximum interest rate that could be offered for savings deposits accepted or maintained shall be 7.58 per cent per annum.
b. The maximum interest rates that could be offered for deposits accepted or renewed shall be as follows,
i) For maturity period of one year or less – 11.01 per cent per annum.
ii) For maturity period of over one year and up to three years – 12.01 per cent per annum.
iii) For maturity period of over three years – 13.51 per cent per annum.
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 per cent above the maximum interest rates as specified in (a) and (b) above, the CB statement said.