Dual Currency Deposits from DFCC Vardhana Bank
View(s):Dual Currency Deposits (DCDs) are being offered by DFCC Vardhana Bank adding to the bank’s wide range of financial solutions.
In order to help customers maximise their returns on investment, the bank offers eight major currencies on DCD’s – AUD, EUR, GBP, USD, CAD, CHF, JPY and SGD with the ability to choose any preferred combination.
The facility is extended to both individuals and corporate who also have the flexibility of selecting the tenor which could vary from one to three months, a bank statement said.
“DCD’s are ideal for customers who wish to earn higher returns on their deposits at a medium level of investment risk. It can also be used as a tool for customers who wish to diversify their foreign currency portfolio,” noted Kapila Nanayakkara, Head of DFCC Group Treasury.
Customers need to make a minimum deposit of US$75,000 or equivalent in another designated currency. When applying for a DCD, customers will first need to agree upon a deposit amount, base currency and linked currency, interest rate, tenor, fixing date and maturity rate in line with the terms and conditions stipulated by DFCC Vardhana Bank.