Pan Asia Bank recently launched its latest innovative product – Rising Fixed Deposit – a unique two year Fixed Deposit that allows depositor to benefit from market interest rate increases even during the tenure of the deposit while safeguarding him/her from any downward trends in market interest rates.
Pan Asia Bank famed for its innovative financial services sector products, designed this fixed deposit which combines best of both worlds for customers by passing on the benefits arising out of the interest rate volatility in the market.
Currently the Rising FD product offers guaranteed minimum interest rates for 13.0% for a 2 year term where interest rate of the product may be upwardly revised every 6 months if the market interest rates have increased during that time. On the other hand, if the market interest rates are found to have decreased during those reviews, the deposit holder will still continue to the receive the guaranteed minimum interest rates of 13.0% for the remainder tenure of the fixed deposit.
“So far the deposit holder in Sri Lanka has remained a passive customer. But with the Rising FD we have challenged the conventional wisdom in a fixed deposit product for the first time”, said Shiyan Perera, Pan Asia Bank’s Assistant General Manager- Branch Credit & Deposit Mobilization. “What we wanted was to design a product to pass the benefit of the rising interest rates in the market to the deposit holder and thereby ensure that he/she would not lose on an opportunity to benefit from any such increases during the deposit period although his/her money remains fixed for two years”.
“While extending the above mentioned unique feature, we still provide peace of mind to the depositor by offering a guaranteed minimum interest rate even if the market interest rates decrease”, Perera added.
Customers can open a Rising FD at any of the 85 branches of Pan Asia Bank scattered across the island.
The London based Global Banking and Finance recognized Pan Asia Bank has the fastest growing bank in Sri Lanka for four consecutive years.