Trust & transparency
Safe investing: check before you deposit
Last updated
A high rate is only worth having if you get your money back. Four checks take a few minutes and protect you from the most common ways Sri Lankan savers lose money.
1. Is it licensed by the Central Bank?
Only institutions licensed by the Central Bank of Sri Lanka (CBSL) — licensed commercial banks, licensed specialised banks and licensed finance companies — may accept deposits from the public. Before you deposit, find the institution's full legal name on the CBSL's published lists at cbsl.gov.lk.
Every institution in AnyBanq's FD rate comparison is a licensed bank or finance company, but licences can be suspended or cancelled — the CBSL list is the authoritative source.
2. Is my deposit insured?
The Sri Lanka Deposit Insurance Scheme (SLDIS), managed by the CBSL, compensates depositors if a member bank or licensed finance company fails — up to a maximum amount per depositor, per institution. Deposits above the limit are not insured.
The limit and the types of deposit covered are set by the CBSL and have changed over time, so check the current figure on the CBSL website. If you have more than the limit to deposit, consider splitting it across institutions or choosing institutions with strong credit ratings.
3. What is its credit rating?
Credit rating agencies licensed by the Securities and Exchange Commission of Sri Lanka grade banks and finance companies on their ability to meet obligations. Ratings closer to AAA indicate lower risk; ratings in the B range and below indicate materially higher risk. Institutions usually publish their current rating on their website and in advertisements.
A finance company paying well above the market often has a lower rating. That can be a reasonable trade-off for a deposit within the insurance limit — but it is a trade-off, not free money.
4. Does it look like a scheme?
Be very wary if you see any of these:
- Returns far above what licensed banks and finance companies pay, or "guaranteed" high returns.
- Pressure to decide quickly, or rewards for recruiting friends and family.
- The organisation is not on the CBSL's licensed lists — even if it is a registered company.
- Payments requested in cash, to a personal account or in crypto-assets.
- Vague explanations of how the returns are earned.
- Early investors are paid on time to build trust before payments stop.
Pyramid and similar schemes are prohibited in Sri Lanka, and the CBSL periodically names entities it has found to be operating them. If you are approached, check the CBSL's public notices and report it to the CBSL.
Spread your risk
Even with licensed institutions, it is sensible not to keep all your savings in one place. Splitting deposits across institutions and maturity dates — an FD ladder — keeps each deposit within insurance limits and gives you regular access to part of your money.
This page is general information, not financial or legal advice. For official, current information on licensed institutions, deposit insurance and prohibited schemes, refer to the Central Bank of Sri Lanka.
Deposit safety questions
How do I check whether a finance company is licensed in Sri Lanka?
The Central Bank of Sri Lanka publishes lists of licensed commercial banks, licensed specialised banks and licensed finance companies on cbsl.gov.lk. Search the list for the institution's full legal name before you deposit. A company registration certificate on its own does not authorise anyone to accept deposits.
Is it legal for a company to accept deposits without a CBSL licence?
No. Accepting deposits from the public without authorisation from the Central Bank is an offence in Sri Lanka. The CBSL also issues public warnings about unauthorised deposit-taking and prohibited schemes; report suspicious schemes to the CBSL.
Is a registered company the same as a licensed finance company?
No. Registration with the Registrar of Companies only means the company legally exists. Only institutions licensed by the CBSL may accept deposits from the public.
Does deposit insurance cover every deposit?
The Sri Lanka Deposit Insurance Scheme covers eligible deposits at member banks and licensed finance companies up to a maximum amount per depositor per institution, set by the CBSL. Amounts above the limit, and money placed in unlicensed schemes, are not covered. Check the current limit and eligible deposit types on the CBSL website.