Combank doubles options for young achievers

The Commercial Bank of Ceylon has re-launched its popular ‘Achiever’ current account for young executives with new features that specifically meet the needs and aspirations of persons between 18 and 35 years.

Executives within the targeted age group who earn a monthly salary of Rs.25,000 or more are eligible to open ‘Achiever’ current accounts with a minimum deposit of Rs 10,000. Holders of Achiever current accounts will receive a debit card with NFC (Near Field Communication) ‘tap and go’ technology for point-of-sale (POS) and online purchases, and will be exempted from the joining fee and first year’s annual fee when they apply for a credit card, the bank said.

Achiever Current Account holders will also be eligible for pre-approved loans of up to 75 percent of the unused balance of their credit cards, instant cash by way of an overdraft of up to two months remitted salary subject to a maximum of Rs.300,000 as well as lease facilities or personal loans up to 15 times their monthly remitted salary subject to a maximum limit of three million Rupees without guarantors, subject to evaluation by the bank.

Additionally, Achiever current account holders can earn a higher interest on idle funds through a sweep arrangement to a super saver savings account, which the bank will establish free of charge, linking both accounts subject to the minimum balances stipulated.

Commercial Bank will also provide its online banking facility free of joining fee and the annual fee for the first year, and if the account holder opts for e-statements, the online banking facility will continue to be available free of annual fees. The bank’s e-passbook facility will also be provided free of charge, the bank said.

The only Sri Lankan bank to be ranked among the Top 1000 banks of the world for seven years consecutively, Commercial Bank operates a network of 256 branches and 761 ATMS in Sri Lanka. The bank has won more than 30 international and local awards in 2016 and 2017 and has over the years received multiple awards as Sri Lanka’s Best Bank, Best Trade Bank, Strongest Bank and Most Respected Bank from a number of local and international institutions and publications.

Commercial Bank’s overseas operations encompass Bangladesh, where the bank operates 19 outlets, Myanmar, where it has a Representative Office in Yangon, the Maldives, where the bank has a fully-fledged Tier I bank with a majority stake and Italy, where the bank operates its own money transfer service.