Frequently Asked Questions

What are the short term vehicle hiring options available from CF?
A range of self drive cars are available on a daily rental at varied prices depending on the make and model of car.

CF Budget Hire

• Maruti 800
  • Rs.2,090 (Daily Rental inclusive of Taxes)
  • Running Limit -100 kms per day.Additional Mileage Rs.15+ Taxes per Km
• Alto 800
  • Rs.3,100 (Daily Rental inclusive of Taxes)
  • Running Limit – 100 kms per day. Additional Mileage Rs.18+ Taxes per Km
• Viva Elite
  • Rs.2,580 (Daily Rental inclusive of Taxes)
  • Running Limit – 100 kms per day. Additional Mileage Rs.15+ Taxes per Km

CF Whizz

• Suzuki A Star (Full Option)
  • Rs 3,300 (Daily Rental inclusive of Taxes)
  • Running Limit – 80 Km per day.Additional Mileage Rs.15+ Taxes per Km
• Daihatsu Mira
  • Rs 3,630 (Daily Rental inclusive of Taxes)
  • Running Limit – 80 Km per day.Additional Mileage Rs.18+ Taxes per Km
• Hyundai Grand i10
  • Rs 4,350 (Daily Rental inclusive of Taxes)
  • Running Limit – 100 Km per day.Additional Mileage Rs.20+ Taxes per Km

Short Hire

• • Toyota Corolla 121
    • Rs. 4,950 per day or Rs. 93,500 per month. (Inclusive all the taxes).
    • Running limits 80 km per day or 2500 km per month. Additional mileages Rs. 18+Taxes per Km.
  • Axio / Allion / Premio
    • Rs. 6,050 per day or Rs. 115,500, Rs. 104,500, Rs. 121,000, Rs. 126,500 per month. (Inclusive all the taxes).
    • Running limits 80 km per day or 2500 km per month. Additional mileages Rs. 18+Taxes per Km.
  • Viva Elite
    • Rs. 3,300 per day or Rs. 82,500 per month. (Inclusive all the taxes)∙
    • Running limits 80 km per day or 2500 km per month. Additional mileages Rs. 15+Taxes per Km.
  • Toyota Harrier
    • Rs. 7,480 per day or Rs. 220,000 per month. (Inclusive all the taxes) ∙
    • Running limits 80 km per day or 2500 km per month. Additional mileages Rs. 25+Taxes per Km.

What documents would the Company need from me?
The documents required for individual clients are listed below. Different arrangements are available for corporate clients.

New Customers

• National Identity Card/Valid Passport
• Driving License
• Proof of Residence
  • Electricity Bill
  • Water Bill
  • SLT Telephone Bill
  • Credit Card Statement dated within the last 3 months
• Proof of Employment/Income
  • Office Identity Card
  • Previous months’salary conformation/ slip,
  • Letter from employer on a company letterhead confirming your employment.
  • If self employed, housewives or pensioners -a copy of recent current account statement or copy of updated savings passbook.
• Refundable deposit
  • Rs. 7,500/- if all above requirements are met. Refundable deposit will be Rs. 20,000/- if you are unable to provide documents that are asked for by the officer.
  • Refundable deposit not required for CF fixed deposit holders.

Returning Customer (Within 01 Year)

• National Identity Card/Valid Passport
• Driving License
• Refundable deposit
  • Rs. 7,500/- if all above requirements are satisfied.
  • Refundable deposit not required for CF fixed deposit holders.

Foreign Nationals

• Passport with Visa valid until intended period of hire.
• International Driving License or the driving license validated by the Automobile Association of Sri Lanka
• Proof of stay
  • Details of the hotel you are staying in
  • Details of travel agent
  • Travel itinerary if available
• Refundable deposit
• • Rs 20,000

From where do I get a car?

CF Budget Hire vehicles are available at our offices in Colombo, Kandy, Katugastota Showroom, Nuwara Eliya, Badulla, Galle, Jaffna, Anuradhapura and Batticaloa.

CF Whizz vehicles are available in Colombo, Kandy and Katugastota Showroom.

CF Short Hire Vehicles are available at Colombo.

All contact details and locations are available on our Contact Us Page

What are the main terms and conditions related to CF Budget Hire, CF Whizz and CF Short Hire?
All cars are issued strictly on availability. Prior reservations cannot be accommodated

If you hold an International Driving Permit / License, you need to obtain a driving permit/recognition permit from the Automobile Association of Ceylon. If you do not have an International Driving License, but a license from a Country other than Sri Lanka, you need to obtain a Temporary Driving License from the Registrar of Motor Vehicles – Sri Lanka. Using a vehicle without a valid driving license/permit is against local driving regulations and also breaches insurance policy conditions, leaving you exposed to any claim for damages as a result of an accident. If you need assistance on this matter please contact us.

You are not permitted to lend the vehicle to any other person – or use it for learning purposes. A fine of Rs. 20,000/- will be levied if you use the car with a ‘L'(Leaner) board. The car will be withdrawn and CF will not hire a car to you thereafter.

A day is calculated 24 hours from 10.00 a.m for (Maruti 800, Alto 800 and Viva Elite) Budget Hire cars. Each additional hour of usage will be billed at the rate of Rs.100/- + VAT for Maruti 800 cars. For Alto 800 and Viva Elite cars will be billed at the rate of Rs. 150/- + VAT. A day is calculated 24 hours from the time the vehicle is picked up for CF Whizz and each additional hour of usage will be billed at the rate of Rs 200/- + VAT. If you return the car after 3.00 p.m. on any day, we will levy a full days’ hire charge.

We are open from Monday to Friday from 8.30 a.m. to 5.00 p.m. except on mercantile holidays and special holidays declared by Central Finance Company PLC.

Hire charges have to be paid up-front along with the refundable deposit. Only cash and credit/debit card payments are accepted which should be paid to the cashier. If you wish to extend the hire facility for a further period, payment should be made upfront for the intended number of days hired. We will take immediate action to recover our vehicle and dues if you fall into arrears over 24 hours.

Please ensure you return the car with the same level of petrol in the tank, filled from a fuel shed close to the Central Finance office from where you hired the car.
The car will be handed over in a clean state – please ensure you return the vehicle in a similar condition.
Do not load the vehicle beyond the maximum weight of 500kgs.

All our short hire cars are insured comprehensively. This includes Personal Accident Benefit (PAB) to driver up to a limit of Rs. 15,000/-. Three passengers are insured up to a limit of Rs. 15,000/- per person. If you require any extra covers please inform us.

For Budget hire inquiries contact 0705433610/ 0707033609/ dimuthw@cf.lk

What are the advantages of financing through leasing?

• Facilities can be obtained much faster than traditional forms of financing
• Requires less documents
• Known monthly commitment
• Frees up bank lines

What are the types of equipment financed ?

Motor vehicles, three wheelers, motor cycles, tractors, construction equipment, plant and machinery, computers etc.

Are used vehicles/equipment financed ?

Yes used assets are financed subject to there being an established value for such assets. It is also a necessity for there to be a clearly identifiable owner for such assets.
We finance popular vehicles which are upto 30 years old subject to conditions

Who can obtain a lease facility ?

Any individual, partnership or limited liability company could obtain a facility subject to the financier’s assessment of the applicant’s creditworthiness

Does one have to be a tax payer or a current account holder to be eligible to obtain a lease facility ?

No. These are no pre requisites.

Do you need to pledge assets as collateral?

No. Leasing facilities are generally extended without additional collateral. However there could be instances where additional collateral may be requested for especially when it comes to financing of equipment

What documents do I have to submit when applying for a lease facility?

• Invoice from the person selling the vehicle/equipment
• Valuation from a company approved valuer. Valuations could be obtained through our branch network.
• Proof of income of applicant and guarantors. If documents are not available we could still consider based income/projected income assessment derived from discussions and on site inspections
• Documents certifying/confirming sources of projected income.
• Project proposals in the case of equipment financing.
• Copies of NICs of the applicant and the guarantors

Can the payment plan be structured to meet my cash flow

Yes, if income is seasonal.

How much would I have to pay as pre payments ?

This would depend on the age of the asset, marketability of the asset, credit worthiness of the applicant etc.

Can a lease facility be repaid prematurely ?

Yes. There would be a rebate for pre termination.

How long would it take to obtain a lease facility ?

We are committed to finalizing an application within two working days subject to all required information/documents being submitted.

Do I have to insure the asset financed

Yes the asset financed has to be insured. Our fully owned subsidiary CF Insurance Brokers (Pvt) Ltd will place the insurance with an insurer of your choice who is acceptable to us

Whom do I contact in order to obtain a lease facility ?

Simply call your nearest branch or our customer service hotline on 0112038038 and we will assist you accordingly

Can the rental payments under lease contract be claimed as an allowable expense?

The rental could be claimed subject to the asset leased being used to generate income on a liable activity

What are the Eligibility criteria to open a Fixed Deposit?

• A citizen of Sri Lanka above 18 years of age holding a valid National Identity Card (NIC) or a valid Passport or Driving License which consist the NIC no.
• A Sri Lankan citizen residing temporarily outside Sri Lanka.
• A person holding dual citizenship with Sri Lankan National Identity Card.
• Non-resident who possesses a resident visa.

Other than an individual who else could open a Fixed Deposit?

Term Deposit Accounts can be opened by Individuals singly or jointly and in addition it could be opened by Partnerships, Private and Public Limited Companies, Specified Associations, Societies, Trusts for which all entities needs to submit the certificate of registration obtained from the relevant authority.

Can individuals open joint Fixed Deposits?

Yes, a Deposit account can be opened by an individual in his own name or by more than one individual in their own names.

In case of a jointly held fixed Deposit who could operate the account

As per the account operating instructions given by the depositors in the respective deposit mandate.

(The change for operating instructions can be modified only with the consent of the joint account holders.)

Can a holder of a power of attorney sign the deposit application form?

Yes. At the time of opening the account the original power of attorney should be submitted along with the copy.

What are the documents needed to open a Fixed Deposit?

• For individuals – A duly completed Deposit application, copy of NIC/copy of valid passport with NIC no./copy of driving license With NIC no. If the depositors address differs from the NIC a utility bill or a copy of a bank statement with the current address of the depositor issued within 3 months of the date of deposit KYC form (Know Your Customer)

For Others (Partnerships, Private and Public Limited Companies, Specified Associations, Societies, Trusts)

• Duly completed Deposit application, copy of the registration of the entity, (Registration certificate obtained from the relevant authority is mandatory) KYC form of the entity, Copies of NIC’s of Directors/Authorized signatories and their individuals KYC forms, resolutions/ minutes confirming decision taken to place a fixed deposit with CF. Other relevant documents are to be obtained as mentioned in the application form.

Why is the KYC form important?

Know Your Customer Form – In order to prevent identity theft, identity fraud, money laundering, terrorist financing. The Central Bank of Sri Lanka has directed all banks and financial institutions to complete a KYC form before opening an account as a mandatory regulatory requirement. This involves verifying customer’s identity and address by requesting documents that are accepted as relevant proof .
Mandatory details required under KYC Forms are proof of identity and proof of address, NIC, valid Passport, or Drivers’ License are accepted as proof of identity. proof of residence can be by way of electricity or telephone bill or a letter from the Employer or any recognized public authority certifying the address.

Will this information be confidential?

Yes, under Section 61 of the Finance Business Act No 42 of 2011, strict confidentiality has to be observed by all officers of the company in respect of all customer transactions unless it is required to be disclosed by a Court of law or in compliance with any other written law

What will happen if I do not provide the required KYC information or documents to CF?

Central Finance will have the right to reject the deposit.

Is there provision for Nomination for a Deposit?

Yes. You can nominate any person/s as you wish. If you are nominating more than one person you should indicate each person’s share. If not we will consider on equal share basis. The full name/s of the nominees and their identification numbers such as NIC/PP/DL should be submitted by the depositor.

Can I change the nominees?

In the case of a new deposit the mandate provides provision for nomination. For all other subsequent changes we need a written confirmation from the depositor/s. For subsequent changes you could obtain a nomination form from the company.

In a case of a joint account could any one of the joint holders change the nominee?

No. In a joint account all joint holders consent is necessary to change the nomination.

In a case of a joint account if one of the joint holders are deceased can the surviving holder/s operate the account?

Yes. The surviving holder/s can operate the account without the consent of the nominee. Nominee will come in to effect only in the event of demise of all depositors.

What happens in the case of the death of a depositor? How will the payment be made?

Upon the submission of the following documents by the nominee, payment or transfer could be made to the nominee;

• Deposit certificate
• Certified copy of the death certificate of the depositor
• Identification of the Nominee
• Duly completed Affidavit by the nominee
• Instruction letter from the nominee

When I open an account do I get a fixed deposit certificate?

Yes, you will be given a certificate with the following information. Deposit account number, Date of deposit, Date of maturity, Value of deposit, Names of the depositor/s with their identity details, Mode of interest payment, Gross maturity value and Terms and conditions governing the deposit.

What happens if I lose or misplace my certificate?

To perform any transaction, you need to have the certificate. In such instances you could request for a duplicate certificate with the following documents. Request letter from the depositor/s, duly perfected Affidavit attested by a Notary (Commissioner of Oaths) / JP, (A specimen of an affidavit could be obtained from the company)

What are the present rates of interest?

Click here for the present rates of interest.

What happens if the interest rate changes during the contracted deposit period?

There will be no change to the terms since, we are contracted to the rate until its maturity as per current rules.

What are the periods for which deposits are accepted at present?

1, 3, 6, 9, 12 Months, 18 Months, 24 Months 36 Months 48 and 60 Months.

Can I make a fixed deposit for a specific period, apart from the traditional fixed periods?

Yes. You could make a deposit for a period of 30 days to 1825 01 Month above to 60 Months) under “CF optima” scheme. This enables you to make an investment, which would mature on a specific date of your choice.

Can I make a deposit for a short period?

Yes. You could make a fixed deposit for a minimum period of one month or if it Is less than one month you could open a Savings account.

How do make payment for the deposit?

The deposit can be made to your nearest Central Finance Branch, by means of Cash; fund transfer directly to a CF designated Bank account or Cheque/ bank draft issued in favor of “Central Finance Company PLC”

Can funds be deposited from time to time as additions to the existing deposits?

Additions/part payments could be made only at the date of Maturity. Alternatively, you could open a new deposit account.

Can deposits be made by way of cheques issued favoring the depositor or third party and endorsed in favor of CF?

Cheques favoring a third party (not the depositor) are not accepted. However, uncrossed cheques drawn in favor of the depositor could be accepted subject to the discretion of the company. All deposits made by cheques are subject to realization of the proceeds.

Can I withdraw my Fixed Deposit before maturity?

Yes. You could at any given time without notice, at a discounted rate of interest. However, you could obtain a Loan against the Deposit without withdrawing your deposit.

Who is eligible to open a Senior Citizens account?

Customers who are 60 years of age or above are eligible to obtain a CF Senior Citizens account

Can a joint account be opened with a Senior Citizen where one of the Citizens account holders is below the qualifying age?

Yes if you wish to, you could open a deposit but it would not qualify for the Senior Citizens rate since one depositor is below 60 years of age. Accordingly, in order to qualify for the senior citizen rate, all joint holders should complete the age of 60 Years at the time of opening the deposit

What happens to my account when I reach the age of a Senior Citizen (60 years)?

Talk to your customer care officer, and you could make necessary changes at maturity / opening a new deposit or savings account.

What other benefits are available for CF Depositors?

• Loan facilities against the deposit.
• Letters of guarantee (Bank Guarantees)
• Special rates for Lease facilities.
• Loan faculties against Fixed Deposits through ATM’s
• CF Depositors are entitled to hire vehicle on short hire without a refundable deposit.
• CF Depositors are entitled to hire vehicle on short hire without a refundable deposit.
• Register with CF Click mobile app and facility to view your FD details on your own.

Interest Payments

Do you pay monthly interest on deposits?

Yes, interest can be paid monthly or at maturity

What are the modes by which interest is paid?

As per the instruction given by the depositor the interest payment can be arranged as follows;

• • Payment to the account designated by the customer (E.g. CF Savings account or other bank accounts)

Can you pay interest to the second depositor or a designated person?

Yes, with the instructions of deposit holder/s the interest can be paid either to one of the joint holders or to a third party with a written consent of the deposit account holders.

Will Advance Income Tax (Withholding Tax) be deducted at source from interest?

As per the current regulations issued by the Inland Revenue Department, Advance Income Tax (AIT) should be deducted at 5% from all deposits interest w.e.f.1st January 2023.

(The above criteria is subject to changes)

What type of certificate do you give for the Tax deducted at source?

Certificate of Advance Income Tax will be issued as per the instructions given by the Inland Revenue Department.

On monthly interest payment deposits tax certificate will be issued end of each financial year and at the time of maturity. On maturity interest payment deposits Tax certificate will be issued at the time of maturity.
Tax Certificate contains the following information; Name of the depositor/ address/ NIC number/ Deposit account number/ Tax file number if available / gross interest/ Net Interest/ WHT deducted/ Percentage of deduction/ Period of deduction.

When do you intimate the maturity of the deposit?

A computer generated renewal notice / E statement is sent 10 days in advance of the maturity date.

How do I get my fixed deposits renewal notices through my email. ?

Simply submit your valid email address and give your consent in writing to receiving renewal notices or send a scanned copy of the request letter with your signature via your email to your relationship officer.

What I should do to get my deposit renewed?

The completed renewal notice and the matured term deposit certificate should be sent to us or you may hand over these documents to any of our Branches to issue a new certificate on renewal.

Are the signatures of all the joint depositors required on the renewal form?

This is subject to the operating instructions given at the time of opening the account.

If I do not respond to the renewal notice, what will happen to my deposit?

On a Monthly Interest payment fixed Deposit the capital will be renewed automatically with the prevailing interest rate for the same period. And, if it is a maturity deposit the capital will be renewed with the accrued interest and will be renewed for the equal period at the prevailing rate.
Payments/ Withdrawals

At maturity how can I withdraw my deposit?

You have to surrender the original deposit certificate duly discharged with the payment instructions. Refund could be by way of either:

• Cash
• Cheque
• Remitting to a bank account.

Do I need to give notice of withdrawal?

No notice of withdrawal is necessary. However In a case of a withdrawal through a branch (except Colombo, Nugegoda & Kandy) it is advisable to give one days’ notice as the payments are processed at a central location.

In case I need money urgently, can I withdraw the deposit?

Yes, you can. The Deposit could be withdrawn on request of the depositor and at the discretion of the company, subject to a discounted interest rate. In a case of a joint account withdrawal will be allowed as per the operating instructions given by the joint holders.

Can I get part payment prematurely?

Yes. The same procedure is applicable as for a full premature withdrawal. However, in such cases, the depositor can also consider obtaining a loan against the deposit up to 90.00% on maturity deposits and up to 70% on monthly deposits of the deposit amount. (Subject to change)

Is the signature of one of the depositors sufficient for payment at maturity or prematurely?

This depends on the operating instructions given at the time of opening of the account, as in some cases it could be both/all or either party.

Will you allow a loan facility on the deposit?

Yes – you are eligible to apply for a loan against your deposit ranging from 70% to 90% of the capital value according to the category of the deposit

What notice is necessary to obtain a loan against Deposit?

No notice is necessary. You could obtain a loan immediately with the submission of your certificate.

What is the rate of interest chargeable for loans?

4% above the contracted rate of interest. The rate of interest may change at the discretion of the company.

What are the documents needed to obtain a loan?

Original Fixed deposit certificate

• Loan application form (Application for Loan Against Fixed Deposit) signed by the depositor/s as per the operating instruction given in the deposit application

Can the loan be repaid in installments?

Yes. Until the Maturity of the Deposit takes place the loan can be repaid. Thereafter, if you wish! the loan balance could be carried forward subject to renewal of the deposit.

What benefits do I enjoy if I open a Savings account with Central Finance?

• You obtain a competitive higher interest rate.
• You receive an even higher interest when the account balance grows.
• You can do CEFT transfers, utility bill payments and account inquiry free of charge on real time via CF Click mobile app.
• You can access your account from any of our island wide network of branches. You can also access your account from any “VISA” enabled ATM within and outside the country by using our CF VISA debit card.
• You enjoy free standing order facilities.
• You select your desired account to suit your requirement. Refer product details on main web page.
• You can choose to have a pass book or a quarterly statement. Or E statement

How can I withdraw money from a savings account?

You can withdraw the money from any of the CF Branch counters during office working hours or from ATM’s up to a maximum of Rs. 50,000/= per day 24×7 ( CF, Commercial BANK, & VISA enabled ATM network)

Do you charge on ATM Withdrawals?

Irrespective of number of transactions no charge will be levied on CF ATM’s If you maintain a monthly average balance of Rs. 5000/= in your savings account, two ATM transactions at Commercial bank ATM’s will be free. If not Rs.25/-will be charged on withdrawals and Rs. 7.50/= will be charged on Balance Inquiries. On the VISA ATM network charges varies from RS. 50/= to 250/=. Please be aware that the Company reserves the right to amend any terms or conditions after notice. (These chargers are subject to changes)

Are your Branches Electronically Linked?

Yes, our branch network is linked which means, if you deposit money from Colombo you could withdraw your money from any CF Branch or vice versa.

How can I make deposits to my savings account

• Cash deposit at any CF branch counter
• Cheque deposit (If deposited by cheque , the cheque should be drawn in favor of ” Central Finance Company PLC O/A of Account holders name & account number “ & subject to realization.)
• CEFT/SLIPS transfers
• Cash deposit via CDM machine

Do I have to maintain a minimum balance in a savings account?

Yes. In a Normal/Senior Citizen/Super savings account Rs. 1000/= to be maintained and In a Lamaa Savings account Rs.500/= and in a Excel Savings account Rs. 10,000/=

Is there a charge if I do not maintain the minimum balance?

Yes. If you do not maintain the minimum average balance as specified above, Rs 25/= will be levied per month.

How can I obtain an CF Debit Card?

If you are an existing savings account holder (except lamaa) you may forward an application form to any of our branches who will make arrangements to provide you the Instant ATM Card

What is required to open a “CF Lamaa” Children’s Savings Account?

CF Lamaa Children’s Savings Account can be opened by a parent or a Legal guardian of a child below the age of 18 year, following are the pre requests

• Account could be open with a maximum deposit of LKR 500
• A certified copy of the child’s Birth Certificate.
• A certified copy of the Parent/ Legal Guardian’s ID Card/ valid PP/ DL.

What are the special attractions for “CF Lamaa” children’s savings accounts?

There are two types of CF Lamaa savings accounts:

• High yield Lamma savings account – Higher rate of interest is applicable on different tiers of the account balance.

What happens when a minor attains the age of consent / majority?

The company will send a SMS to convert the status of the account to the registered mobile no of the guardian. The parent/guardian should make arrangement to forward a new savings application in the name of the Minor turned Major with the signature and a copy of the national identity card

If the parents of a Minor are not alive, who can be the Guardian?

Only the person(s) who have been appointed as guardian by the Competent Court could sign the application. A copy of the Court Order has to be submitted

Can a savings account be opened in the name of the minor, alone or jointly with another?

Yes. You can open a Savings account in the sole name of the minor. Also, in could be opened in the name of a minor jointly with Parent / Guardian.

Can parent/guardian withdraw the money in a “CF Lamaa” Children savings account?

No. However in the following special circumstances withdrawals are allowed.

• If there is a necessity for the Childs benefit such as education and medical expenses a written request with proof of documents which satisfies the company will have to be submitted.
• The balance in a minor’s account may be transferred upon written instructions of the parent/guardian of the minor, to an account maintained in the name of the minor in an authorized deposit taking institution, upon completion of sixty months from the date of the first deposit or any time thereafter. The transfer should be effected by a cheque drawn in favour of the minor and crossed “account payee only”

Note: The company reserves the right to change any terms and conditions mentioned herein from time to time without prior notice.

If we have not answered your question or further information is required call our customer care Hotline on +94-11-2315055/+94-11-2315053

What benefits do I enjoy if I open a Savings account with Central Finance?

• What are the Eligibility criteria to open a Fixed Deposit?
• You obtain a competitive higher interest rate.
• You receive an even higher interest when the account balance grows.
• You can access your account from any of our island wide network of branches. You can also access your account from any “VISA” enabled ATM within and outside the country by using our CF VISA debit card.
• You enjoy free standing order facilities.
• You select your desired account to suit your requirement. Refer product details on main web page.
• You can choose to have a pass book or a quarterly statement.

How can I withdraw money from a savings account?

You can withdraw the money from any of the CF Branch counters during office working hours or from ATM’s up to a maximum of Rs. 50,000/= per day 24×7 ( CF, Commercial BANK, & VISA enabled ATM network)

Do you charge on ATM Withdrawals?

Irrespective of number of transactions no charge will be levied on CF ATM’s If you maintain a monthly average balance of Rs. 5000/= in your savings account, two ATM transactions at Commercial bank ATM’s will be free. If not Rs.25/-will be charged on withdrawals and Rs. 7.50/= will be charged on Balance Inquiries. On the VISA ATM network charges varies from RS. 50/= to 250/=. Please be aware that the Company reserves the right to amend any terms or conditions after notice.(These chargers are subject to changes)

Are your Branches Electronically Linked?

Yes, our branch network is linked which means, if you deposit money from Colombo you could withdraw your money from any CF Branch or vice versa.

How can I make deposits to my savings account?

You can make deposits at any branch counter by cash or cheque. If deposited by cheque , the cheque should be drawn in favour of ” Central Finance Company PLC O/A of Account holders name & account number.” If necessary fund transfers could also be arranged

Do I have to maintain a minimum balance in a savings account?

Yes. In a Normal/Senior Citizen/Super savings account Rs. 1000/= to be maintained and In a Lamaa Savings account Rs.500/= and in a Excel Savings account Rs.10,000/=

Is there a charge if I do not maintain the minimum balance?

Yes. If you do not maintain the minimum average balance as specified above, Rs 100/= will be levied per month.

How can I obtain an CF Debit Card?

If you are an existing savings account holder (except lamaa) you may forward an application form to any of our branches who will make arrangements to provide you the ATM card within maximum of 5 working days.

What is required to open a “CF Lamaa” Children’s Savings Account?

CF Lamaa Children’s Savings Account can be opened by a parent or a Legal guardian of a child below the age of 18 year,following are the pre requests

• Account could be open with a maximum deposit of LKR 500
• A certified copy of the child’s Birth Certificate .
• A certified copy of the Parent/ Legal Guardian’s ID Card/ valid PP/ DL.

What are the special attractions for “CF Lamaa” children’s savings accounts?

There are two types of CF Lamaa savings accounts:

• High yield Lamma savings account – Higher rate of interest is applicable on different tiers of the account balance.
• Lamaa Savings account with gift package – This account includes an attractive interest rate and a gift at account opening and as the account balance grows

What happens when a minor attains the age of consent / majority?

The company will send a letter requesting to convert the status of the account. The parent/guardian should make arrangement to forward a new savings application in the name of the Minor turned Major with the signature and a copy of the national identity card

If the parents of a Minor are not alive, who can be the Guardian?

Only the person(s) who have been appointed as guardian by the Competent Court should sign the application. A copy of the Court Order has to be submitted

Can a savings account be opened in the name of the minor, alone or jointly with another?

Yes. You can open a Savings account in the sole name of the minor. Also, in could be opened in the name of a minor jointly with Parent / Guardian.

Can parent/guardian withdraw the money in a “CF Lamaa” Children savings account?

No. However in the following special circumstances withdrawals are allowed.

• If there is a necessity for the Childs benefit such as education and medical expenses a written request with proof of documents which satisfies the company will have to be submitted.
• The balance in a minor’s account may be transferred upon written instructions of the parent/guardian of the minor, to an account maintained in the name of the minor in an authorized deposit taking institution, upon completion of sixty months from the date of the first deposit or any time thereafter. The transfer should be effected by a cheque drawn in favour of the minor and crossed “account payee only”

Note: The company reserves the right to change any terms and conditions mentioned herein from time to time without prior notice.

If we have not answered your question or further information is required call our customer care Hotline on +94-11-2315055/+94-11-2315053

Vehicle Hire

Why should I hire a vehicle ?

When you purchase a vehicle you need to pay the full value to the seller or if you lease one, you pay the full capital along with interest for the period of contract – the rate of interest is determined by your bank or leasing company. When you hire one – you only pay a rental for usage which constitute only interest and a fraction of the capital cost during the period of usage.

Paying upfront to purchase expensive vehicles, equipment or machinery can also affect your cash reserves and ending up owning severely depreciated assets doesn’t always do the business any good. Hiring or leasing equipment takes the strain off your cash flow. It usually means a tax advantage and a healthy balance sheet. With technology advancing rapidly you can have the best, most up-to-date vehicles or equipment all the time.

What hiring options does Central Finance offer ?

Central Finance Contract Hire offers unsurpassable and comprehensive options;

-On-the-road without maintenance.

-On-the-road with maintenance, which gives you additional benefit of maintenance and the comfort of a relief vehicle free of charge.

What is On-the-road WITHOUT maintenance ?

Under a commercial agreement, Central Finance buys and owns the vehicle – choice of vehicle is given to customer. The customer then hires the vehicle, paying rentals over a fixed period. During the full period of hire the customer is responsible for obtaining revenue licences, comprehensive insurance cover and doing all maintenance and accident repairs to ensure that the vehicle is maintained in good order. At the end of the contract, the customer has a choice of extending the hire, buying the vehicle or returning it back to Central Finance as per the pre-agreed terms and conditions.

What is on-the-road WITH maintenance ?

The most common form of operating lease in motor finance is contract hire, mainly in the provision of vehicle fleets. Contract Hire is particularly attractive to companies that frequently update or replace vehicles. It is a cost-effective method for businesses to fund the use – but not the ownership – of a vehicle, because payments are fixed over an agreed term. Payments may include maintenance and service charges. An anticipated annual mileage is agreed and any kilo meters travelled above that figure is billed at an additional rate.

Under a commercial agreement, Central Finance buys and owns the vehicle – choice given to customer. The customer then hires the vehicle, paying rental over a fixed period.

During the full period of hire Central Finance is responsible for obtaining revenue licenses, comprehensive insurance cover and doing all the maintenance and accident repairs to ensure the vehicle is maintained according to the manufacturer’s specifications. At the end of the contract, the customer has a choice of extending the hire, buying the vehicle or returning it back to Central Finance as per pre-agreed terms and conditions.

Is there a mileage limit ?

Hiring contracts limit the number of kilo meters you can drive, from 2,500 km per month up to 30,000 kilo meters for a year.

What cars make the best hiring cars ?

Ideally the best cars to have on Contract Hire, whether it’s business or personal, are the makes that hold their value for a longer period.

How often can I get a new car ?

One of the benefits of is that you can drive a new car every three, four or five years. To many people who hire, this is an acceptable tradeoff with having to make ongoing payments considering the benefit of always having a new car that is always under warranty, and you still have the option to buy the car at the end of the hire period.

What happens if my contract hire vehicle breaks down ?

All contract hire vehicles come with an assurance from Central Finance Fleet Management Services for speedy and efficient services and maintenance. Our services are backed by over 80 franchise garages spreads across the island. When it comes to on the road with maintenance package, the repairs will be covered fully at no extra cost to you. You will further be provided with a courtesy vehicle Free of Charge while the repair work is carried out.

Can I get a tax advantage ?

Rental payments don’t usually appear as balance sheet liabilities. Instead, they are treated as an operating expense and may have taxation advantages. As an expense item, these payments can also fall outside of annual capital budget allocations. This may mean improved balance sheet ratios.

Can this type of hire be ‘off-balance sheet’ ?

Yes, you have the option to classify your lease as ‘off-balance sheet’. In this case, the leased vehicle(s) would not appear as a capital asset(s) in your annual report and accounts.

Can I claim the VAT charged on the rentals ?

Subject to confirmation by your auditors, providing you are registered for VAT, you can usually claim the VAT payable on rentals.

Whom should I contact for further information?

Please Contact:

Sandika Niroshana / 0773402114 / niroshana@cf.lk
Dilhan Hettiarachchi / 0771077524 / dilhanh@cf.lk<