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Sri Lanka Savings Guide by

One of the most important things we do for our financial life is to get into the habit of saving. There are few things in the realm of asset management that are as important as developing a saving habit. And you can start today, your ability to make money makes no difference here.

Truth is bitter
What is bitter to accept is that our savings could actually be losing us money by paying a rate of interest that’s below inflation. As an approximate guidance, the inflation rate in Sri Lanka as of Apr 2011 is 7% according to the Central Bank. For this reason, if you haven’t kept an eye on the return you’re getting, it could well be time to move your hard earned cash to a more profitable destination. However, deciding to move is the easy part, choosing an account can be trickier.

There are such an enormous range of savings accounts available in Sri Lanka and knowing which is right for you isn’t always easy. So, to make things a whole lot simpler, our savings experts at,, explain the essential questions that you need to ask when looking for the best place to stack your cash resources.

Where can you get the best return?
The answer to this question isn’t always as straight forward as it may seem. Getting the best return isn’t always about picking the highest interest rate as, once tax factor is considered. All the banks and finance companies in Sri Lanka deduct a tax of 20% from your monthly savings interest. This tax is best known as with holding tax (W.H.T). As a result, you will get only 80% of your accrued interest.

For more information on how to plan your W.H.T, click here

Generally, regular savings account is the first option for your money as the banks often feature the interest rates and other benefits to lure in new customers. However, while this type of account can give you a really good return they usually come with a whole plethora of restrictions that govern how much you can pay in and how you can access your money so it pays to do your research first. Compare all available products now.

Another alternative is to have an account with bonus rates. Accounts that offer rate guarantees are also very good bets as they give you the confidence that your money is getting a good return until a certain date in the future.

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