Commercial Bank offers e-FDs online

Sri Lanka's Commercial Bank is offering online, Electronic Fixed Deposits (e-FDs) in both local and foreign currencies.

The bank in a media release on Wednesday announced that e-FDs can now be opened online from the bank’s online portal at www.combank.lk
The e-FD facility is available 24 x 7, 365 days of the year, to  Sri Lankan citizens and  holders of Non Resident Foreign Currency Accounts (NRFCs), Resident Non National Foreign Currency Accounts (RNNFCs), Resident Foreign Currency Accounts (RFCs) and ‘FC Plus’ accounts in the Domestic Banking section, the bank said. Foreign Currency e-FDs may be opened in four major currencies – the US Dollar, Great Britain Pound, Euro or Australian Dollar. “We are aware that there is a lot of interest among foreign currency account holders working overseas, as well as among expatriates based in Sri Lanka, to open Fixed Deposits with us,” Commercial Bank’s Chief Operating Officer S. Renganathan said.  “The convenience of doing so online will be a significant attraction to this segment regardless of their geographical locations.”

As an incentive to encourage the bank’s customers to place investments via digital banking channels, Commercial Bank would offer higher interest rates for Fixed Deposits opened online, the bank said. The applicable rates are published on the Online Banking platform. An electronic receipt will be issued by the bank in acknowledgement of every Foreign Currency Fixed Deposit, and uplifting at maturity or premature withdrawals will be allowed through the online banking facility. The proceeds of these Fixed Deposits would be credited to the account from which the initial investment originated or be renewed for a further period as deemed by the accountholder. In the case of LKR FDs opened from the proceeds of a foreign account, the proceeds would be credited to an LKR account in the same name.