|
|
 |
 |
 |
| Wednesday, 24 November 2004 |
 |
|
 |
Business | |
| News Business Features Editorial Security Politics World Letters Sports Obituaries
|
COMBank offers Floating Interest Rates on NRFC and RFC accounts The Commercial Bank of Ceylon has offered floating interest rates for NRFC and RFC account holders who maintain stipulated amounts in their Foreign Currency accounts, in another first in Sri Lanka's banking sector. The Commercial Bank said that this new product would pay foreign currency account holders a rate that would be even higher than overseas deposit rates. Branded "FC Plus", the new scheme makes NRFC and RFC accountholders eligible to receive interest over and above the London Inter Bank Offered Rate (LIBOR) for maintaining an account balance in excess of either 5000 US Dollars, Sterling Pounds, Euros or Australian Dollars. Under 'FC Plus', the interest will be calculated on a daily basis and credited at the end of each month. The interest rates applicable for each currency will increase depending on the quantum of the balance. Deposits up to 5000 would receive the foreign currency savings rate while deposits between 5,001-25,000 will receive the one month LIBOR rate, deposits of 25,001-50,000 the one month LIBOR rate plus 0.10 per cent, deposits of 50,001-100,000 the one month LIBOR rate plus 0.15 per cent, and deposits of over 100,001 the one month LIBOR rate plus 0.25 per cent. The interest rates applicable for each month will be communicated on the last working day of the month, the Bank said. Explaining the rationale behind this value added offering, Commercial Bank's Assistant General Manager - Treasury Dula Weeratunga said the Bank has envisaged the importance of attracting more foreign currency investments at a time the country is in need of such investments. "This is a win-win situation for the high net-worth foreign currency deposit holders. The higher the NRFC or RFC account balance, the greater the return on their foreign currency investment due to these floating interest rates," he said. Any party that fulfils the eligibility criteria to open NRFC or RFC accounts can open "FC Plus" accounts at any Commercial Bank branch, MiniCom Centre at Cargills Food City outlets or at a Service Point at Arpico Super Centres by completing the special "FC Plus" account opening form which is available with the brochure. |
|
News | Business | Features
| Editorial | Security
Produced by Lake House |
