Regulatory Alerts2019-04-26 | Monetary Law Act Order No. 1 of 2019Maximum Interest Rates on Sri Lanka Rupee Deposits of Licensed Banks
The Monetary Board of the Central Bank of Sri Lanka has issued an order fixing maximum interest rates for Sri Lanka Rupee deposits held at licensed commercial and specialised banks. These caps are calculated relative to the Standing Deposit Facility Rate or the 364-day Treasury Bill yield rate, with tenure-specific limits outlined in a prescribed table and an additional 50 basis point allowance for senior citizens and children. Effective 29 April 2019, the order applies to new and existing savings deposits as well as term deposit renewals, while exempting specific government schemes and listed debt securities.
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