ComBank launches ‘Forex Plus’ Foreign Currency FD scheme

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The Commercial Bank of Ceylon has announced the launchof a special Foreign Currency Fixed Deposit (FD) scheme in a further response to the requirement to attract investments from foreign sources.

The new scheme branded ‘Forex Plus’ offers high interest rates for tenures of up to five years on term deposits in four international currency denominations.

‘Forex Plus’ was introduced to encourage foreign currency investments that are pivotal for the Sri Lankan economy while also giving customers an opportunity to save their hard-earned foreign exchange in a competitive and reliable instrument, the Bank said.

These Fixed Deposit Accounts can be opened by non-nationals, Sri Lankan dual citizens, and Sri Lankans holding Permanent Residency status or citizenship in another country, who are resident in or outside Sri Lanka, as well as by Sri Lankans employed overseasand by companies incorporated overseas.

Eligible customers can start their ‘Forex Plus’ account with a minimum deposit of US$ 5000 or the equivalent in the other designated currencies –Euros,Sterling Pounds or Australian Dollars –  for tenures of three, four or five years. The interest rates earned will depend on the currency and the tenure, and the Fixed Deposits under this scheme will be renewed automatically, the Bank said.