Sri Lanka’s Commercial Bank offers e-FDs for foreign currency accounts

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May 24, 2017 (LBO) – Sri Lanka’s Commercial Bank’s Online Banking platform has been further enhanced with the introduction of electronic fixed deposits (e-FDs) in both local and foreign currencies.

The Bank has announced that e-FDs can now be opened from the Bank’s online portal at www.combank.lk

“We are aware that there is a lot of interest among foreign currency account holders working overseas, as well as among expatriates based in Sri Lanka, to open Fixed Deposits with us,” said S Renganathan, chief operating officer, Commercial Bank.

“The convenience of doing so online will be a significant attraction to this segment regardless of their geographical locations.”

The e-FD facility is available 24 x 7, 365 days of the year, to Sri Lankan citizens and holders of Non Resident Foreign Currency Accounts (NRFCs), Resident Non National Foreign Currency Accounts (RNNFCs), Resident Foreign Currency Accounts (RFCs) and ‘FC Plus’ accounts in the Domestic Banking section, the Bank said.

Foreign Currency e-FDs may be opened in four major currencies – the US Dollar, Great Britain Pound, Euro or Australian Dollar.

An electronic receipt will be issued by the Bank in acknowledgement of every foreign currency fixed deposit, and uplifting at maturity or premature withdrawals will be allowed through the online banking facility.

The proceeds of these fixed deposits would be credited to the account from which the initial investment originated or be renewed for a further period as deemed by the account holder.

In the case of LKR FDs opened from the proceeds of a foreign account, the proceeds would be credited to an LKR account in the same name.