DFCC Vardhana Bank introduces Dual Currency Deposits

DFCC Vardhana Bank recently launched Dual Currency Deposits (DCD). This is ideal for customers to earn a higher return than an ordinary savings account or time deposit by taking advantage of exchange rate movements.

To help customers maximise their returns on investment, the bank offers eight major currencies on DCDs and a choice of any preferred combination. The facility is extended to people and Corporates. They also have the flexibility of selecting the tenor which could vary from one month to three months.

"DCDs are ideal for customers who wish to earn high returns on their deposits at medium level investment risk. It can also be used as a tool for customers who wish to diversify their foreign currency portfolio," said Head of DFCC Group Treasury, Kapila Nanayakkara.

CEO, DFCC Vardhana Bank, Lakshman Silva said, "Products such as Dual Currency Deposits are not mass market products yet people who have the potential to benefit from such products, need a credible and viable solution.

With the launch of this product customers who transact in multiple currencies can now leverage their knowledge of the movement of the currencies to make investment choices that correspond to their risk appetite," he said.

When applying for a DCD, customers will first need to agree upon a deposit amount, base currency and linked currency, interest rate, tenor, fixing date and maturity rate in line with the terms and conditions stipulated by DFCC Vardhana Bank PLC.