Senehasa Minor FD
For the first time in Sri Lanka, from the Non-Bank Financial Institution (NBFI) sector, People’s Leasing and Finance PLC has launched a Fixed Deposits for Minors’ in line with World Thrift Day 2022.
In order to inculcate the habit of savings among the people in Sri Lanka, PLC as the pioneer in the NBFI sector introduces “Senehas Minors’ Fixed Deposits” and it has been specifically designed for the children below 18 years of age with many features and offer higher interest rates.
Benefits
- Minors’ Fixed Deposits will be opened by the Parent/ Guardian, on behalf of the child and can open any number of deposits under child’s name.
- Interest payable at Maturity or Monthly.
- Minors’ Fixed Deposits can be opened with a minimum deposit value of Rs.10,000.00.
- Monthly interest can be transferred to Minor Savings Account maintained at PLC, bank or other financial institution.
- Each Minors’ Fixed Deposits will be issued a Fixed Deposits certificate.
- Under normal circumstances closures/withdrawals will not be permitted until the minor attains Majority (18 years plus).
- Premature withdrawals are only allowed subject to a court order or alternatively, at the discretion of PLC, if the request is made to make a payment in respect of educational or medical purposes, subject to receipt of supportive documentary proofs to the satisfaction of PLC in such an event , PLC shall directly make the fund transfer to Minors’ Savings Account or relevant payment to such designated institutional account’s (educational or Medical) on the minor’s behalf.
- Withdrawal/Closures can be done upon completion of 60 months from the deposit date. (If it is a pre-mature withdrawal, Pre-mature rate will applicable.)
- After reaching 18 years of age, minor can close the Fixed Deposit by giving the original Fixed Deposits Certificate & NIC.
- If the deposit matures before the minor holder becomes major, the deposits must be renewed with the prevailing Minors’ Fixed Deposits interest rate applicable at the time of renewal for the same.
- Once the Minors’ Fixed Deposits holder reaches the age of Major ( 18+ years), the Fixed Deposits will be converted as Normal Fixed Deposits with the prevailing Normal Deposits Interest Rates applicable at the time of renewal.
Senehas Minors’ Fixed Deposits Interest Rates
| Period (Months) | Maturity | A.E.R | Monthly | A.E.R |
|---|---|---|---|---|
| 12 | 8.50% | 8.50% | 8.00% | 8.30% |
| 24 | 10.50% | 10.00% | 10.00% | 10.47% |
| 36 | 11.50% | 10.38% | 10.50% | 11.02% |
| 48 | 11.50% | 9.92% | 11.00% | 11.57% |
| 60 | 12.00% | 9.86% | 11.00% | 11.57% |
A.E.R. – Annual Effective Rate
Minimum deposit amount for Maturity is Rs.10,000/= & for Monthly interest is Rs.100,000/=.
With effect from 30th October 2024.
Wakala and Mudaraba rates shall not exceed the conventional fixed deposit rates.
*Please note that above rates are subject to changes without prior notice.