Sampath FC Prime Offers Bonus Interest For Foreign Currency Savings

Continuing to help individuals and businesses earn greater returns on their foreign currency savings, Sampath Bank is offering an additional bonus interest of 33 percent on its Sampath FC Prime accounts. With the account already offering an attractive base interest rate of three per annum, accountholders will be able to earn an effective rate (AER) of 4.05 percent per annum. This rate of return is considerably higher than the average market interest rates for foreign currency savings accounts. It is comparable to the interest rates being offered on foreign currency fixed deposits which, in today’s market, are not far from the rates on local currency fixed deposits. Sampath FC Prime accountholders will also be able to reap additional returns from any appreciation in the currency as the funds are held in US Dollars. Sampath FC Prime offers accountholders the convenience of being able to withdraw their funds as and when needed, without being impeded by extended lock-in periods and withdrawal penalties. Delivering higher returns and greater flexibility, Sampath FC Prime serves as an ideal short to medium term investment proposition for individuals and businesses with foreign currency earnings and savings. This is part of Sampath Bank’s efforts to support the national drive to attract more foreign exchange remittances into the country and help strengthen the economy during these trying times. “In today’s turbulent market conditions, individuals and businesses are faced with very few stable investment options that offer guaranteed returns, especially for their short to medium term foreign currency investments. In light of this, we are delighted to offer them a secure savings solution that provides both higher returns as well as greater flexibility. We invite individuals and businesses to avail themselves of Sampath FC Prime’s attractive base interest rate as well as the additional bonus interest and grow their US Dollar earnings and savings with Sampath Bank,” said Halin Hettigoda, Head of Deposit Mobilization, Sampath Bank. Individuals and businesses with foreign currency earnings and savings can open a Sampath FC Prime account with an initial deposit of US dollars 1,000 or more. They can do so online by sending a direct online request to their branch, by visiting a Sampath Bank branch in Sri Lanka or through one of the Bank’s overseas representatives. Interest is calculated based on the average balance in the account during a given quarter. Bonus interest is awarded to accounts with average balances of USD 10,000 or more. There are no withdrawal restrictions for the awarding of bonus interest on accounts with balances of over USD 50,000. Accountholders can make up to one withdrawal per quarter on accounts with balances of US dollar 10,000 to USD 49,999.99 to qualify for the bonus interest. Sampath Personal Foreign Currency Account (PFCA), has wide array of benefits. Users can open savings accounts, current accounts and term deposits under this category. It offers special interest rates for their PFCA fixed deposits and instant loans or overdraft facilities against the foreign currency balance in PFCA accounts. It allows them to make any outward remittances and fund transfers between their PFCA or Offshore Banking accounts. Sampath Business Foreign Currency Accounts (BFCA), which include Savings accounts, Current accounts and Term Deposits, allow individuals and businesses to withdraw up to USD 5,000 or equivalent, in foreign currency notes, for travel purposes. Foreign exchange earners can avail Foreign Currency Loans through these accounts. Accountholders can access their accounts through the famed Sampath Vishwa internet banking facility. Sampath Inward Investment Accounts (IIA) offers savings accounts, Current accounts and Term Deposits. These accounts can be opened individually or jointly with another eligible person and the balances can be maintained in Sri Lanka Rupees as well as foreign currencies. Sampath IIA accountholders can also access their accounts through the Sampath Vishwa internet banking facility and obtain a debit card as well.