My friend had invested in F矛xed Deposit a lump sum in HSBC in Sri Lanka for 5 years. And interest at maturity. The time she invested the interest rate was 22%. The Central Bank of Ceylon now had lowered the interest rates to 8.25% .
What she wants to know is whether her Fixed deposit rate will remain 22% for the remaining 3yrs or would it be 8.25% ?
I dont hv any clue...so would like your advise .|||ideally and logically it should be 22 percent unless government gives the banks the authority to reduce the rates. or bank has reserved the right to reduce the rate based on market situations, when this fd was orginally signed by you.
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