TFC first to reach Rs.1 billion in savings deposits

The Finance Company (TFC) introduced its savings accounts scheme in 2005 and within this short period of time has achieved the milestone of a savings deposit base of over one billion rupees, the company said adding that it is the first finance company to achieve what it calls a ‘landmark’. In 2005 the Central Bank further liberalized the country’s financial market by authorising registered finance companies to accept and mobilize savings deposits, which until that time only licensed commercial banks and specialized banks were authorized to do. With this TFC introduced two savings schemes specially targeting adults and minors with competitive interest rates, and also the “Super Saver” which offers the highest ever rate of interest at 19% per annum in the financial market for savings accounts.

TFC’s Director Deposits, V. W. Dissanayake was quoted in the statement as saying that the company is growing from strength to strength, laying the claim on many achievements along the way, and reiterated that it has plans in the pipeline to offer even more value additions to clients.