Higher returns for short-term deposits

Friday, 29 July 2016 00:00 - - {{hitsCtrl.values.hits}}

Seylan Bank unveiled its newest product, ‘Seylan Money Market’ savings account, aimed at corporate and high net-worth individuals and short term retail investors who seek a product that offers better fund management capabilities for short term investments, assuring better returns.

Promising ‘higher returns for shorter period’, Seylan Money Market savings account provides the flexibility needed to manage short term investments. Sensing the needs of its customers, Seylan Bank has yet again introduced a systematically structured financial tool to manage short term funds. The bank closely engages with its customers to gear financial solutions that meet their evolving needs.

Seylan Money Market savings can be opened with an initial deposit of Rs. 500,000 for which interest rates will be reviewed on a weekly basis. Further, customers are given instant access to their accounts through internet banking.

Commenting on the launch of the new product, Seylan Bank Deputy General Manager – Marketing and Personal Banking Tilan Wijeyesekera said, “Seylan Money Market savings was customised as a value addition to our corporate, retail and high net-worth individuals who strive to maximise their returns on short term investments. Many of them manage special funds that invest in short term repos or trade in bonds and require a comprehensive product like Seylan Money Market savings to address their needs for a product that offers above industry interest rates, supported by the strong reputation and stability of Seylan Bank. We are confident that Seylan Money Market savings will become a key financial instrument in the portfolio of discerning investors.”

Seylan Bank, one of the leading banks in the country, is a pioneer in providing innovative financial solutions. Its strength and stability can be evidenced from the fact that in the financial year 2015/16, Seylan Bank recorded its highest-ever net profit of Rs. 3.83 billion and achieved a 20.76% growth in deposits on a year on year basis. Its total asset base has grown to Rs. 296.33 billion. Seylan Bank’s network consists of 166 branches and over 193 ATMs. The bank has a growing clientele of SME, retail and corporate sectors.