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NTB introduces new customer-friendly savings scheme

LAUNCH: Nations Trust Bank who recently launched money market linked fixed deposits, have introduced yet another innovative product, namely Money Market Linked Savings Accounts with upto 15.5% interest per annum.

"The Money Market linked Fixed Deposits we launched last month were such a success that we decided to launch a similar product for our savings account holders as well", said Deputy General Manager Nations Trust Bank, Renuka Fernando.

Fernando explained that by linking a savings account to the Sri Lanka Inter Bank Overnight Rates (SLIBOR) they are able to give their customers the opportunity of benefiting from higher short term interest rates without compromising on the flexibility they have from a savings account.

The Nations Money Market Savings offers a minimum interest rate similar to normal savings accounts account holders could also access to their accounts via an unlimited number of ATM and electronic transactions.

"Account holders will receive interest rates linked to SLIBOR which will be calculated on daily balances and credited monthly, in fact you could open an account with as little as Rs. 10,000 and enjoy the flexibility of increasing your balance over a period of time", said Fernando.

For customers who have balances between Rs 50,0000 to Rs. 100,000 interest will be 8% below SLIBOR, while for those with savings over Rs 1 million the rate will be higher at 7% below SLIBOR.

"However these rates will be subject to minimum rates of 6% per annum and 7% per annum respectively in the two tiers in order to protect our customers from the sharp drop in SLIBOR" said Fernando, who added that the maximum rate on either of these tiers would be 15.5% per annum.

Balances between Rs 10,000 to 50,000 would earn an interest rate of 4% per annum.

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