Foreign Advantage

Commercial Bank is extending benefits to its foreign currency accountholders by offering floating interest rates calculated on a daily basis. Commercial Bank is extending benefits to its foreign currency accountholders by offering floating interest rates calculated on a daily basis. ‘FC Plus’ promises to pay foreign currency account holders – with an account balance in excess of either US$ 5,000, Sterling Pounds, Euros or Australian Dollars – a higher rate than overseas deposit rates.

Under the new scheme, NRFC and RFC account holders will be eligible to receive interest over and above the London Inter Bank Offered Rate (LIBOR) which will be calculated on a daily basis, and credited at the end of each month.

The interest rates applicable for each currency will increase depending on the quantum of the balance.

Deposits up to 5,000 would receive the foreign currency savings rate while deposits between 5,001–25,000 will receive the one month LIBOR rate, deposits of 25,001–50,000 the one month LIBOR rate plus 0.10 per cent, deposits of 50,001-100,000 the one month LIBOR rate plus 0.15 per cent, and deposits of over 100,001 the one