Sampath Bank offers upto 7% interest for Special Deposit Accounts
View(s):Sampath Bank, inviting individuals and organisations around the world to invest their foreign currency savings in Sri Lanka and earn greater returns, is offering highly attractive rates of up to 7 percent through the government’s Special Deposit Account scheme.
A media release from the bank said that Sampath Bank is offering an interest rate of 7 percent p.a. on 12-month US Dollar deposits of US$10,000 and above and 6 percent p.a. on 6-month dollar deposits of $10,000 and above through this special fixed deposit. “This rate is higher than the prevailing market rates being offered by banks on traditional Sri Lankan Rupee fixed deposits,” the release said.
This interest rate together with additional returns from any appreciation in the foreign currency in which the funds are being held in is set to enable depositors to beat inflation and earn greater returns on their savings, it said.
Sri Lankan nationals and residents can also obtain Sri Lanka Rupee loans against the funds in their Sampath Special Deposit Accounts, up to 90 percent of the rupee value of the available balance.
“We are delighted to offer the world an ideal investment solution that helps them (investors) earn a high interest rate and also allow them to easily repatriate their funds abroad, on maturity, through our Sampath Special Deposit Accounts,” said Halin Hettigoda, Head of Deposit Mobilization, Sampath Bank PLC.
The Government and the Central Bank (CB) introduced Special Deposit Accounts in April 2020 as an instrument to attract substantial foreign exchange into the country and bolster the nation’s foreign currency reserves, The CB is offering an additional interest rate of 2 percent p.a., above the normal rate, for 12-month deposits and 1 percent p.a., above the normal rate, for 6-month deposits, payable at maturity.