The Commercial Bank of Ceylon has introduced a fixed deposit scheme with high interest rates of up to 22% per annum, to encourage short term deposits and give the Bank’s customers an unbeatable and secure return for their investments in less than a year.

Under this special scheme, Commercial Bank customers can open fixed deposit accounts with a minimum deposit of Rs 2 million for a time period of 100 days, 200 days and 300 days and earn returns of 20%, 21 % and 22% per annum, respectively.

The Bank’s personal and business customers will be eligible to benefit from this latest short term fixed deposit scheme which features a single maturity period and is non-renewable after the period of maturity, the Bank said. Personal customers can also open these accounts jointly and nominate a beneficiary.

Commenting on this new FD scheme, the Bank’s Chief Operating Officer Mr S Prabagar said: “With interest rates rising, investors are looking at options to maximise their returns, but the security of such investments are also of paramount importance, particularly in the current context. Commercial Bank offers the strength and stability of the country’s biggest and most profitable private sector bank and more than a century of trust and confidence, alongside a highly competitive rate of return.”

Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 268 branches and 940 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.