~ Pioneering Solution Delivers Higher Returns and Greater Flexibility ~
Colombo, December 28th, 2020: Continuing to help individuals and businesses earn greater returns on their foreign currency savings, Sampath Bank is offering an additional bonus interest of 33% on its Sampath FC Prime accounts. With the account already offering an attractive base interest rate of 3% p.a., accountholders will be able to earn an effective rate (AER) of 4.05% p.a.
This rate of return is considerably higher than the average market interest rates for foreign currency savings accounts. It is comparable to the interest rates being offered on foreign currency fixed deposits which, in today’s market, are not far from the rates on local currency fixed deposits. Sampath FC Prime accountholders will also be able to reap additional returns from any appreciation in the currency as the funds are held in US Dollars.
Furthermore, Sampath FC Prime offers accountholders the convenience of being able to withdraw their funds as and when needed, without being impeded by extended lock-in periods and withdrawal penalties.
Delivering higher returns and greater flexibility, Sampath FC Prime thus serves as an ideal short to medium term investment proposition for both individuals and businesses with foreign currency earnings and savings. This is part of Sampath Bank’s efforts to support the national drive to attract more foreign exchange remittances into the country and help strengthen the economy during these trying times.
“In today’s turbulent market conditions, individuals and businesses are faced with very few stable investment options that offer guaranteed returns, especially for their short to medium term foreign currency investments. In light of this, we are delighted to offer them a secure savings solution that provides both higher returns as well as greater flexibility. We invite individuals and businesses to avail themselves of Sampath FC Prime’s attractive base interest rate as well as the additional bonus interest and grow their US Dollar earnings and savings with Sampath Bank,” said Halin Hettigoda, Head of Deposit Mobilization, Sampath Bank PLC.
Individuals and businesses with foreign currency earnings and savings can open a Sampath FC Prime account with an initial deposit of US $1,000 or more. They can do so online by sending a direct online request to their branch, by visiting a Sampath Bank branch in Sri Lanka or through one of the Bank’s overseas representatives. Interest is calculated based on the average balance in the account during a given quarter. Bonus interest is awarded to accounts with average balances of US$10,000 or more. There are no withdrawal restrictions for the awarding of bonus interest on accounts with balances of over US$ 50,000. Accountholders can make up to 1 withdrawal per quarter on accounts with balances of US$ 10,000 to US$ 49,999.99 to qualify for the bonus interest.
Sampath Bank also offers a host of other foreign currency banking solutions for both individuals and businesses. The Sampath Personal Foreign Currency Account (PFCA), with its wide array of benefits, seeks to help individuals achieve their dreams. They can open savings accounts, current accounts and term deposits under this category. Sampath PFCA offers special interest rates for their PFCA fixed deposits as well as instant loans or overdraft facilities against the foreign currency balance in PFCA accounts. It also allows them to make any outward remittances and fund transfers between their PFCA or Offshore Banking accounts. Furthermore, they can also obtain credit and debit cards from Sampath Bank which come with a whole range of benefits, rewards and privileges.
Sampath Business Foreign Currency Accounts (BFCA), which include Savings accounts, Current accounts and Term Deposits, allow individuals and businesses to withdraw up to US$ 5,000 or equivalent, in foreign currency notes, for travel purposes. Foreign exchange earners can avail Foreign Currency Loans through these accounts. Accountholders can access their accounts through the famed Sampath Vishwa internet banking facility.
The Sampath Inward Investment Accounts (IIA) offers Savings accounts, Current accounts and Term Deposits. These accounts can be opened individually or jointly with another eligible person and the balances can be maintained in Sri Lanka Rupees as well as foreign currencies. Sampath IIA accountholders can also access their accounts through the Sampath Vishwa internet banking facility and obtain a debit card as well.
Sampath Bank is a 100% local bank that has deeply rooted itself in the lives of the people of Sri Lanka. Established in 1987, the bank has become a state-of-the-art financial institution that continues to be a market leader today thanks to its constant innovation and customer focused approach to business. It has introduced many firsts to the Sri Lankan banking sector including introducing ATMs to Sri Lanka, extended banking hours and slip-less banking to name a few. As part of its visionary 2020 approach, the bank is steadily transforming itself into a ‘Tech Company engaged in banking,’ from the traditional approach of a bank engaged in technology.