Business News Update: The Commercial Bank of Ceylon has launched a new salary savings account for upwardly-mobile executives under the Bank’s ‘Achiever’ brand, offering benefits including salary advance facilities as well as loans and leasing facilities at lower interest rates.
The ‘Achiever Salary Account’ is available to employees of government, semi-government or private sector organisations above the age of 18 who can commit to remit a minimum monthly gross salary of Rs 40,000, the Bank said. Once remittances are made for three consecutive months, account holders can obtain an advance of up to 75% of their monthly salary.
These account holders will also be eligible to obtain Personal Loans, Home Loans and Leasing facilities with repayment interest rates that are 0.5% lower than the published rates, the Bank said.
This Statement Savings Account can be opened with a minimum deposit of Rs 1,000. Account holders can enjoy an interest rate of 3.5% on their savings, calculated on a daily basis and credited at the end of the month.
Commercial Bank’s popular e-passbook as well as e-statements will be offered free of charge along with Debit Card facilities exempt from first year fee, while Online Banking and Credit Card facilities will be provided free of joining fee and annual fee for the first year, the Bank said.
Credit Card holders will have the advantage of a ‘balance transfer’ option, enabling them to transfer their other Credit Card outstanding amounts to their Commercial Bank Credit Card, and settle them at a lower interest rate of 18% per annum, within six to 12 months.
The ‘Achiever Salary Account’ can be linked to Commercial Bank’s ‘Paymaster,’ the Bank’s sophisticated electronic bulk payments platform used by both organisations and individuals, to ensure these accounts receive timely remittances.
The Commercial Bank also offers Achiever Current Accounts exclusively for executives who earn a minimum monthly salary of Rs 40,000. Opened with a minimum deposit of Rs 10,000, this Account offers a host of benefits including pre-approved loans of up to 75% of the unused balance of their Credit Cards, instant cash by way of an overdraft of up to two months remitted salary as well as lease facilities or personal loans up to 15 times their monthly remitted salary without guarantors, subject to credit evaluation by the Bank.
The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for nine years consecutively, Commercial Bank operates a network of 267 branches and 856 ATMs in Sri Lanka. The Bank won over 40 international and local awards in 2018, has received more than 30 awards to date this year, and been ranked among the 10 Most Admired Companies in Sri Lanka in 2019.
Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.