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The Commercial Bank of Ceylon has announced the launch of a special Foreign Currency Fixed Deposit (FD) scheme in a further response to the requirement to attract investments from foreign sources.
The new scheme branded ‘Forex Plus’ offers interest rates of up to 9.5% per annum for tenures of up to five years on term deposits in four international currency denominations.
‘Forex Plus’ was introduced to encourage foreign currency investments that are pivotal for the Sri Lankan economy while also giving customers an opportunity to save their hard-earned foreign exchange in a competitive and reliable instrument, the Bank said.
These Fixed Deposit Accounts can be opened by non-nationals, Sri Lankan dual citizens, and Sri Lankans holding Permanent Residency status or citizenship in another country, who are resident in or outside Sri Lanka, as well as by Sri Lankans employed overseas and by companies incorporated overseas.
Eligible customers can start their ‘Forex Plus’ account with a minimum deposit of US$ 5000 or the equivalent in the other designated currencies – Euros, Sterling Pounds or Australian Dollars – for tenures of three, four or five years. The interest rates earned will depend on the currency and the tenure, and the Fixed Deposits under this scheme will be renewed automatically, the Bank said.
While United States dollar deposits for a period of five years will yield an interest rate of 9.5% per annum, Euro and Sterling Pounds will yield 6% per annum and Australian dollar deposits will yield 7% per annum for the same tenure. The Bank said these rates are applicable at the time of launching the product, and are subject to change from time to time at the discretion of the Bank.
Credits for ‘Forex Plus’ include remittances through the banking system, in foreign exchange, originated from the account holder's own overseas account and in favour of the account holder; from an Inward Investment Account (IIA) or Offshore Banking Unit (OBU) account maintained in the name of the account holder; out of proceeds received as inward remittances; and foreign exchange brought into Sri Lanka by the account holder upon declaration to the Customs Department.
The Commercial Bank also recently launched the ‘Arunalu Foreign Currency Minor’s Savings Account’ which enables parents and guardians to save foreign currency in Sri Lanka for the future of their children, with an initial deposit of US$ 50 or the equivalent in other designated currencies.
Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 268 branches and 940 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.