Seylan launches Flexi FD

Seylan Bank has introduced a new product - Seylan Flexi FD.

With a minimum 31-day deposit requirement, Seylan Flexi FD gives investors the flexibility of choosing their deposit periods up to a maximum of one year. The interest rate will vary, based on a rate card depending on the period of the investment and is payable on maturity.

Seylan Bank, DGM Marketing, Tilan Wijeyesekera said, "This product was developed to meet the need for more flexibility in managing one's funds while gaining higher returns. Our target market are customers with relatively short term excess funds looking for a higher return with flexibility, and customers who have cash in hand, post sales of assets, or customers with funds who want to keep it for a predetermined period."

The bank envisages that specific segments such as retail customers, fund managers, real estate agents, customers who invest in Treasury Bills, Repos, gratuity funds, EPF funds, those who buy and sell land and even high net worth customers would be attracted to this product.

"As a Bank that constantly innovates and offers customers a range of products with great value to choose from, we are happy to give customers the flexibility of choosing their investment periods, instead of being confined to pre-determined timeframes such as one month, three months, six months or one year while ensuring that they get exceptional value for their investment," Wijeyesekera said.