FIXED DEPOSIT

Singer Finance incorporated on 19th April 2004 is licensed by the Central Bank of Sri Lanka under the Finance Business Act No. 42 of 2011. Fitch Ratings has rated Singer Finance (Lanka) PLC’s (SFL) National Long-Term Rating at ‘BBB(lka)’ 07-Dec 2023.

Fixed Deposits can be placed from 01 Month to 05 Years individually or jointly and by companies as well.

What are the key features and benefits ?

  • Minimum Deposit Amount: Rs 5,000.00
  • Attractive Interest which will be paid monthly or at maturity
  • Interest can be remitted to customer’s designated bank at no extra charge.
  • Senior citizens are entitled for an additional interest rate of 0.5%.
  • Easy access to other financial services such as savings accounts, leasing and loan facilities
  • Cash-backed loans up to 80% of FD value (Interest rate of loan would be Interest Rate of FD +5%)

What are the eligibility requirements ?

  • Residents of Sri Lanka over 18 years of age are eligible to apply

What happens when a FD is withdrawn prematurely ?

  • Deposits for fixed periods cannot be withdrawn prematurely
  • However, in the event of the deposits or any part thereof being withdrawn prior to maturity, a reduce scale of interest will be applied depending on the period of the deposit. Any excess interest, already paid to a depositor shall be recovered by the Company.
  • The Company therefore shall be entitled to deduct the said excess payment from the capital held in deposit.
  • The company reserves the right to vary the penal/offer rate levied on premature withdrawals at any given time.
    • 0 – 29 days – No interest
    • 30 – 179 days – 2.5%
    • 180 days and above – 3.5%
  • Interest will not be paid for deposits placed for one month, if withdrawn prematurely.

What documents are required ?

How can I open an account ?

  • Visit any of our branches located island wide with the required documents to open the account

What are the rates ?

  • Refer the below table or Click here to open Rates on a new tab

Normal Rate

Period Interest Paid Monthly Interest Paid At Maturity
Rate P. A. A.E.R Rate P. A. A.E.R
1 Month – – 7.50% 7.76%
3 Months 7.35% 7.60% 8.00% 8.24%
4 Months 7.35% 7.60% 8.00% 8.22%
6 Months 8.10% 8.41% 8.50% 8.68%
7 Months 8.10% 8.41% 8.50% 8.65%
9 Months 8.10% 8.41% 8.75% 8.84%
12 Months 8.75% 9.11% 9.25% 9.25%
13 Months 8.75% 9.11% 9.25% 9.22%
15 Months 9.00% 9.38% 9.50% 9.39%
18 Months 9.50% 9.92% 9.75% 9.53%
24 Months 9.85% 10.31% 10.25% 9.77%
36 Months 10.00% 10.47% 10.75% 9.77%
48 Months 10.00% 10.47% 10.75% 9.35%
60 Months 10.50% 11.02% 11.25% 9.34%
 AER : Annual Effective Rate | EFFECTIVE DATE: 30.10.2024  * Minimum Deposit Amount 5,000/=.

Senior Citizens (Above 60 Years)

Period Interest Paid Monthly Interest Paid At Maturity
Rate P. A. A.E.R Rate P. A. A.E.R
1 Month – – 8.00% 8.30%
3 Months 7.85% 8.14% 8.50% 8.77%
4 Months 7.85% 8.14% 8.50% 8.74%
6 Months 8.60% 8.95% 9.00% 9.20%
7 Months 8.60% 8.95% 9.00% 9.17%
9 Months 8.60% 8.95% 9.25% 9.36%
12 Months 9.25% 9.65% 9.75% 9.75%
13 Months 9.25% 9.65% 9.75% 9.71%
15 Months 9.50% 9.92% 10.00% 9.88%
18 Months 10.00% 10.47% 10.25% 10.00%
24 Months 10.35% 10.86% 10.75% 10.23%
36 Months 10.50% 11.02% 11.25% 10.18%
48 Months 10.50% 11.02% 11.25% 9.73%
60 Months 11.00% 11.57% 11.75% 9.68%
 AER : Annual Effective Rate | EFFECTIVE DATE: 30.10.2024  * Minimum Deposit Amount 5,000/=.