Commercial Bank further increases interest rates on ComLeap accounts

The Commercial Bank of Ceylon, Sri Lanka's leading private sector bank, has increased the rates of interest offered through its 'ComLeap' Tiered Interest Savings Accounts, launched earlier this year.

Customers can now earn up to 8 per cent interest per annum on their savings, depending on the balances in their accounts. With the interest rate on a regular savings account being in the region of 4.5 per cent, ComLeap now offers its customers nearly double the normal interest. Customers can earn interest rates ranging from 5.5 per cent per annum on balances between Rs 100,000 and Rs 500,000 to 8 per cent per annum on balances over Rs 5 million, the Bank said.

The Deputy General Manager, Operations of Commercial Bank Sanath Bandaranayake said: "There has been a tremendous response to our tiered savings scheme since its inception, because customers have realised the potential benefits this type of account holds for them. In order to make the product even more attractive, we increased the already high interest rates, offering our customers an even better return on their deposits.

Another new feature is the option available to customers to select between a passbook and a monthly statement to help them keep track of the transactions they have made."

ComLeap accounts may be opened at any of Commercial Bank's 137 branches and Customer Service Points.

As in the case with all Commercial Bank Accounts, ComLeap accountholders would be able to operate their accounts through any branch or supermarket outlet of Commercial Bank or any CAT/Cirrus ATM. They also have the option of requesting a CAT card with a higher withdrawal limit of Rs 40,000 per day and they would also be eligible for an automatic loan or overdraft facility against their ComLeap deposit. Even cheques could be collected with prior arrangement.

Established in 1969, the Commercial Bank of Ceylon is the country's benchmark private sector bank and operates a computer-linked network of 137 branches, and 229 ATMs.

The Bank has been rated the 'Best Bank in Sri Lanka' for the past eight years and the 'Bank of the Year' in Sri Lanka for the past five years by two prestigious international publications, the US based "Global Finance" and the UK's "The Banker" magazine.