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| Sunday, 12 February 2006 |
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Business |  |
| News Business Features Editorial
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Higher interest with new 'ComLeap' Account A new type of Savings Account that pays higher rates of interest, proportionate to the balance in the account, has been launched by the Commercial Bank of Ceylon, Sri Lanka's benchmark private bank. The new account branded 'ComLeap' can be opened with an initial Rs. 100,000 and will enable customers to earn up to 2 per cent more interest than on normal savings accounts depending on their balances. The creation of this type of Tiered Interest Rate Savings Account was made possible through the superior capabilities of Commercial Bank's advanced banking software system, the bank said. Customers with a ComLeap Account with a balance of between Rs. 100,000 and Rs. 500,000 will earn 0.5 per cent more interest than the normal savings interest rate, while customers with an account balance between Rs. 500,001 and Rs. 1 million will earn 1 per cent more interest than on normal savings accounts. Customers who have between Rs. 1 million to Rs. 2 million in their accounts would earn 1.5 per cent more, while customers with over Rs. 2 million in their accounts would earn 2 per cent more interest. The Deputy General Manager - Operations of Commercial Bank Sanath Bandaranayake said: "We have identified the need to introduce a different type of savings account to attract interest-sensitive depositors who tend to shift funds between savings, term and fixed deposit or at times even between different banks to maximise their return. In the process they often lose money through interest penalties, debit tax and other hidden charges. With ComLeap they can also save valuable time that would otherwise be spent shopping around for rates, and rest assured that ComLeap will give them the best available return on their savings accounts with no restrictions on withdrawals." |
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