Bank of Ceylon Fixed Deposit Interest Rates

Bank of Ceylon is the largest bank of Sri Lanka that provides its customers with services like fixed deposits and savings accounts at a reasonable rate of interest. Any Sri Lankan citizen above the age of 18 years is eligible to open a fixed deposit account.

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Bank of Ceylon FD Rates 2021

The rate of interest that is applicable on FD rates depends upon the tenure of the deposit. The Bank of Ceylon fixed Deposit interest rates with effect from 15.02.2021 are mentioned in the following table.

Rates of Interest on a Regular FD Account

Term Interest Payment Time Rate % per annum
1 month At maturity 4.00
3 months At maturity 4.50
6 months At maturity 4.75
1 year General
At maturity 5.00
At monthly 4.75
Senior Citizens (General) 
At maturity 6.00
At monthly 5.75
Senior Citizens (Special)
At maturity 15.00
At monthly 14.06
2 years At maturity 6.00
At monthly 5.25
At annually 5.75
3 years At maturity 6.25
At monthly 5.25
At annually 5.75
4 years At maturity 6.50
At monthly 5.25
At annually 5.75
5 years At maturity 6.75
At monthly 5.25
At annually 5.75
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Features:

Fixed deposit schemes by the Bank of Ceylon offer multiple benefits to its customers. Some of them are:

  • The Fixed deposit facility in the said bank comes with a nominee facility and pertinence to loan, overdrafts or guarantees on all schemes.
  • The minimum amount required for opening a fixed deposit account for all the non-business applicants is Rs. 10,000.
  • There are five main types of fixed deposit accounts are; Normal Fixed Deposits, Savings certificates, Smart fixed deposits, 7-day call deposits and Senior Citizens fixed deposit accounts.
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About Bank of Ceylon Fixed Deposit Interest Rate Calculator

Bank of Ceylon Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

  • The amount that is invested

  • The Rate of Interest offered

  • The tenure of the Fixed Deposit Account

  • The compounding period, that is, yearly, half-yearly, quarterly, or monthly

  • The FD Amount

Once entered the following details, an investor will come to know:

  • The maturity value of the FD

  • The total interest earned during the complete tenure

Types of Fixed Deposit Accounts

Different types of Bank of Ceylon fixed deposit accounts are:

  • Normal Fixed Deposit - These deposits are applicable for a period of 1-6 months and 1 to 5 years, where a monthly interest is provided on the deposits. The amount is payable during the fixed deposit maturity.
  • Savings Certificates – These are short term investment schemes. The applicant need not be an account holder and payments can be obtained in periods of 6 months, 12 and 24 months as denominations. Instant loans or overdraft can be availed of in this scheme, and the face value of the amount is paid at maturity.
  • Smart Fixed Deposits – The time rounded applications are as per general fixed deposit scheme. This feature is controlled totally online except the nominee facility. The nominees have to visit the respective branch of the account holder.
  • 7-day call deposits – These types of fixed deposits are ideal for business entities. The deposit amount begins with Rs. 1 lakh and is subject to higher rates of interest than the standard, smart FD and savings certificates.
  • Senior Citizen’s Fixed Deposit Account – The maturity of term deposit is one year, rates of interest are higher than the standard, smart FD and savings certificates. The payment of interest is calculated at maturity or monthly.
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Additional Features:

Some of the additional features of fixed deposits and their interest rates are:

  • The rate of interest depends on the deposit tenure. It is less for FDs for lower tenure and more for higher tenure FDs.
  • The rates of interest on Senior Citizen’s scheme are the same as that of normal FD.
  • For rates of interest on Savings certificates, one needs to confer with the bank branch directly.
  • For rates of interest on Smart Fixed Deposits, one needs to confer with the bank branch directly.
  • The rates of interest on 7-day call deposits are as same as that of normal FD.

Summing it Up

Although the Bank of Ceylon can provide maximum financial stability to the account holders, customers must remain updated on potential perils. The fixed deposit rates are subject to market trends and government policies.

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