Bank of Ceylon FD 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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Features of IDFC Bank Fixed Deposit

Investment Amount  Minimum - Rs.10,000 Maximum- No Maximum Limit
Tenure  Minimum - 7 daysMaximum- 10 Years
Interest Rate  Minimum - 4.00 %Maximum- 8.00%

Bank of Ceylon FD Rates 2023

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 02.11.2022 are mentioned in the following table.

Rates of Interest on a Regular FD Account (w.e.f. 02.11.2022):

Term Interest Payment Rates Per Annum
1 Month
(Minimum Rs. 500,000)
At Maturity 13.50%
3 Months At Maturity 15.00%
6 Months
 
At Maturity 14.75%
2 Years At Maturity
Monthly
Annually
14.75%
14.25%
14.50%
3 Years At Maturity
Monthly
Annually
15.00%
14.25%
14.50%
4 Years At Maturity
Monthly
Annually
15.25%
14.25%
14.50%
5 Years At Maturity
Monthly
Annually
15.50%
14.25%
14.50%

Note: Interest rates are subject to change. Standard T&C apply.

Bank of Ceylon FD 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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Bank of Ceylon Fixed Deposit Interest Rate Calculator

The Bank of Ceylon Fixed Deposit calculator is a user-friendly tool that makes it easy to know the maturity amount and interest earned on a fixed deposit at the end of its term. With just a few essential details, the final FD amount can be determined without any hassles. 

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

FD interest rates India have fallen consistently over the last 10 years.
Invest in Plans that offer Guaranteed Returns for over 25 Years

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 investment schemes are designed for short-term purposes and do not require the applicant to hold an account. Payments can be received in 6-month, 12-month, and 24-month denominations. The scheme also offers instant loans or overdrafts and the invested amount is paid back 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.

Additional Features

Some of the additional features of fixed deposits and FD 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!

Bank of Ceylon offers various Fixed Deposit schemes with different interest rates depending on the tenure of the deposit. Senior Citizen's scheme has the same interest rates as normal FDs. It is important to consider the interest rates when choosing a Fixed Deposit scheme, and Bank of Ceylon provides competitive rates for customers looking to save and invest their money. The fixed deposit rates are subject to market trends and government policies.

FAQ's

  • What is the rate of 200 days fixed deposit in the Bank of Ceylon?

    Investments starting from Rs. 500,000 and above can earn a higher interest rate of up to 22.5% per annum (23.75% annual equivalent rate) for a duration of 200 days.
  • Can I know the interest rate for Savings Certificates and Smart Fixed Deposits in the Bank of Ceylon?

    Term Interest Payment Rates Per Annum
    1 Month
    (Minimum Rs. 500,000)
    At Maturity 13.50%
    3 Months At Maturity 15.00%
    6 Months At Maturity 14.75%
    2 Years At Maturity
    Monthly
    Annually
    14.75%
    14.25%
    14.50%
    3 Years At Maturity
    Monthly
    Annually
    15.00%
    14.25%
    14.50%
    4 Years At Maturity
    Monthly
    Annually
    15.25%
    14.25%
    14.50%
    5 Years At Maturity
    Monthly
    Annually
    15.50%
    14.25%
    14.50%
  • Are there any penalties for premature withdrawal of the Bank of Ceylon FDs?

    If a Fixed Deposit is closed before its maturity date, a charge of 0.50% to 1% of reduced interest is applied.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023

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