BOC woos expatriates, investors

Monday, 6 February 2023 00:15 - - {{hitsCtrl.values.hits}}

Launches “BOC My Sri Lanka” foreign currency fixed deposit account to secure the future Sri Lanka, while ensuring an attractive return for the investments

Bank of Ceylon, bringing forth its innate commitment towards Sri Lanka, recently introduced “BOC My Sri Lanka” Foreign Currency Fixed Deposit account that offers attractive incentives to the account holder while encouraging them to enhance the country’s foreign currency position.

The immediate purpose of this initiative is to facilitate the collaborative effort of enhancing the country’s economic profile together with Sri Lankan expatriates and interested international investors by opening up a new channel to draw more foreign currency into the country.

The account was officially launched at the Bank of Ceylon Head office auditorium by the Bank’s General Manager Russel Fonseka and DGM International Treasury and Investments R.M.N. Jeewantha, DGM Development Banking Branch Credit Operations Range I.I.Y.A. Jayathilaka with other members of the bank’s Corporate and Executive Management were also present at the occasion.

The same was synonymously launched at Sri Lankan embassies with the representation of BOC’s Business Promotion Officers at their Independence Day celebrations organised on 4 February.

In order to enhance the opportunity to attract more avenues of foreign currency inflow to the country, the Bank has also opened up this account to non-national residents or non-national non-residents of Sri Lanka, Sri Lankans with dual citizenship and companies incorporated outside Sri Lanka apart from the regular Sri Lankan expatriate community.

This Foreign Currency Fixed Deposit account can be opened for either two years or five years with a minimum opening balance of $ 5000 or equivalent in designated currencies of US-dollars-USD, Sterling Pounds- GBP, Euro-EUR or Australian dollars- AUD.

The Bank offers an attractive interest rate according to the selected investment plan whether the interest is drawn either monthly or at the maturity. Account holders can also capitalise the interest to the opening account.

Ensuring customers are given the maximum flexibility to invest, the bank offers a top-up facility in 1000 or in multiples of 1000 in the designated currency. The account can also be renewed at the prevailing interest rate at the time of the maturity.