DFCC Bank’s high interest fixed deposit provides relief to fixed income earners

DFCC Bank Vice President Liabilities and Trade Business Development 

Anton Arumugam stated that the recently launched fixed deposits campaign targeted at monthly income earners has had an overwhelming response. Following are excerpts of an interview with Arumugam:

Q: What were the reasons for introducing a special fixed deposit product during this period?

A: As a result of the current global health crisis the entire world as well as Sri Lanka has been affected by the COVID-19 pandemic. In this backdrop, DFCC Bank has come forward to offer assistance to

DFCC Bank Vice President Liabilities and Trade Business Development Anton Arumugam

those monthly interest income earners by offering them a special fixed deposit product to facilitate their financial requirements. 

Based on this rationale, we identified that a significant number of citizens depend on monthly interest income from fixed deposits to meet their monthly living expenses.

Therefore we decided to extend timely relief to these customers by offering them high interest rates to individuals above the age of 55 years through this product which is open to all citizens of Sri Lanka until 31 May. 

Q: How has the response been and have your objectives been met?

A: The response received has been overwhelming and has exceeded our expectations. We are one of the first banks who have come forward and offered customers a financial solution at these most trying times. A large number of customers from all parts of the country have availed themselves of this proposition since it is of immense relief to them to manage their finances during this period. 

The propagating of this offer was done through social media and many digital marketing initiatives together with SMS broadcasts.

In line with providing a more secure and convenient banking service to customers through our digital banking channels, DFCC Bank facilitates not only convenience for customers but dedicates itself to provide superior customer service of its multi-faceted products and services on offer. Understanding the requirement of withdrawing cash during this trying time, DFCC Bank launched ‘Bank on Wheels Service’ recently to visit customer’s doorstep to provide cash withdrawals and check bank balance services without stepping to a branch and encouraging them to stay at home. 

Q: How will DFCC Bank contribute to Sri Lanka’s development in the current situation? 

A: Being a responsible corporate with a rich history of over 64 years, DFCC Bank has facilitated the economic and social progress of Sri Lanka through good times as well as challenging times. 

In aiding the prevailing situation in the country, a full service commercial bank DFCC Bank, has made the responsible decision to provide financial concessions to its valued customers who have been affected by the COVID-19 pandemic, in accordance with the relief guidelines invoked by the Sri Lankan Government through the Central Bank of Sri Lanka (CBSL). DFCC Bank has been the financier of many acclaimed Sri Lankan entrepreneurs and added value to the enterprises they built particularly during their ups and downs over the years with most successful corporates and entrepreneurs have obtained their initial funding from DFCC and most have gone on to become leading exporters of Sri Lankan products and services to the international market. 

The role played by DFCC has contributed significantly to elevate the scale of operations of these businesses to cater at global levels.