ComBank launches ‘Cash on FD’ | Daily News

ComBank launches ‘Cash on FD’

The Commercial Bank of Ceylon has introduced a ‘Cash on Fixed Deposits’ (FDs) facility which enables depositors to withdraw against their FD value through an exclusive debit or credit card linked to their accounts.

The Bank said the facility has been specially designed to meet any unforeseen financial requirements of the Bank’s FD clientele.

In case of an emergency, customers that have the ‘Cash on FD’ facility will eliminate the requirement to uplift their FD accounts, in mid-contract, which would lead to a loss of the contracted interest earnings.

Upon opening a Fixed Deposit for one year or more with a minimum value of Rs 100,000, customers can avail of this ‘Cash on FD’facility, to withdraw cash up to 90% of the FD value through a debit card, the Bank said.

When opting to utilise the facility via a debit card, an instant debit card will be issued at a discounted rate of Rs 300 through a special account. No establishment fees will be charged for this facility.

The customer can also obtain a credit card instead of a debit card with a limit of up to 75% of the value of the deposit to enjoy other benefits attached to credit cards in addition to the cash against the FD, the Bank said. When opting for a credit card, customers will be exempted from paying a joining fee and the annual fee during the entire tenure of the Fixed Deposit.

Anyone above the age of 18 with the minimum deposit amount can apply for the Cash on FD facility, the bank said.

Commercial Bank credit and debit cards offer year-round promotions covering a wide variety of services. Commercial Bank was the first bank to offer loyalty rewards for both credit and debit Cardholders under its Max Loyalty Rewards scheme. The Bank was also a pioneer in extending promotional discount offers, which were traditionally only offered for credit cards to its debit cards.

Commercial Bank cards are the fastest growing cards in Sri Lanka and enjoy the market leadership in credit and debit card cumulative point-of-sale usage.