Saving your money
This section will give you few available options to save the money that you earn - salary, business profits, inheritances etc.,
The safest option is to invest in treasury bills and bonds which are guaranteed by the Government of Sri Lanka. Since the risk is very low, the return, too is minimal.
Banks are considered safe places to keep your money and also receive a return. There are three main and frequently used types of accounts that can be opened and maintained in a bank.
The safest option is to invest in treasury bills and bonds which are guaranteed by the Government of Sri Lanka. Since the risk is very low, the return, too is minimal.
Banks are considered safe places to keep your money and also receive a return. There are three main and frequently used types of accounts that can be opened and maintained in a bank.
- Current Accounts - These accounts are mainly used to deposit cheques and write cheques from and do not provide you with an interest. Any number of withdrawals can be made from these accounts without facing penalties. The account requires a minimum balance to be maintained at all times or a fee will be charged.
- Savings Accounts - These are primarily, as the name suggests, to deposit money in small amounts over time frequently. Interest is generally calculated daily and credited monthly on the balance maintained. The rate of interest is low, generally around 4% pa.
- Fixed Deposits - The are deposits that will have to be help in a bank for a fixed period of time (can vary between 1 month and 5 years), where interest is paid monthly, annually or at maturity. If the deposit is lifted before the agreed period, the banks can charge a low interest rate as a penalty.