Pan Asia Bank launches ‘Rising FD’ | Sunday Observer

Pan Asia Bank launches ‘Rising FD’

Pan Asia Bank’s Rising Fixed Deposit is a two-year FD which allows the depositor to benefit from market interest rate increases even during the tenure of the deposit while safeguarding him/her from any downward trends in interest rates.

Pan Asia Bank has designed this fixed deposit which combines the best of both worlds for customers by passing on the benefits arising out of the interest rate volatility in the market. The Rising FD product guarantees minimum interest rates for 10.5 per cent for a two-year term and this interest rate may be upwardly revised every six 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 receive the guaranteed minimum interest rates of 10.5 per cent for the remainder tenure of the fixed deposit.

Pan Asia Bank’s Deputy General Manager, Marketing, Cards and Deposit Mobilisation, Nalaka Wijayawardana said, “So far the deposit holder in Sri Lanka has remained a passive customer, but with the Rising FD Pan Asia Bank challenged the conventional wisdom in a fixed deposit product for the first time.”

“What we wanted was to offer 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.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,” he added.