The Central Bank has informed the public that 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, as follow:
a. The maximum interest rate that could be offered for savings deposits accepted or maintained shall be 7.58% 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 annum.
ii For maturity period of over one year and up to three years - 12.01% per annum.
iii For maturity period of over three years - 13.51% per annum.
In case where a savings or fixed deposit is made by a person who is over fifty five (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 Central Bank further said.