NTB’S For­eign Cur­rency In­vest­ment Plan en­sures sta­ble re­turns: Se­nior VP

Daily Mirror (Sri Lanka) - - FINANCE -

For the first time in Sri Lanka it is now pos­si­ble to plan your fi­nan­cial fu­ture in a sta­ble for­eign cur­rency with Na­tions Trust Bank’s newly in­tro­duced For­eign Cur­rency In­vest­ment Plan.

This new in­vest­ment plan al­lows cus­tomers to save and in­vest in a for­eign cur­rency right here in Sri Lanka. Shea­han Daniel, Se­nior Vice Pres­i­dent – Branch Net­work, Na­tions Trust Bank PLC, shares his knowl­edge about this ex­cit­ing new prod­uct that is set to change the game.

Can you give us an in­tro­duc­tion to the prod­uct?

There has been a trend of grow­ing in­ward remit­tances to Sri Lanka from the Sri Lankan ex­pa­tri­ate com­mu­nity liv­ing and work­ing abroad. Un­der­stand­ing this, we wanted to add value for these cus­tomers.

That’s how we came up with the idea for For­eign Cur­rency In­vest­ment Plan, which al­lows cus­tomers to save each month to reach a tar­geted goal in US$.

How does the prod­uct work?

The Na­tion’s For­eign Cur­rency In­vest­ment Plan is a struc­tured scheme sim­i­lar to our Na­tions Per­sonal In­vest­ment Plans. Cus­tomers can de­cide the tenor of the plan and the tar­geted amount they want to reach at the end of the in­vest­ment pe­riod. This will then de­cide how much the cus­tomer needs to pay in each month. The monthly in­vest­ments plus the pref­er­en­tial in­ter­est rate will com­bine to en­sure that the cus­tomer reaches the tar­geted lump sum amount at the end of the in­vest­ment pe­riod.

With this prod­uct, we are pro­vid­ing our valu­able Sri Lankan ex­pa­tri­ate com­mu­nity with a mech­a­nism to set aside con­sis­tent sav­ings each month in US$, through a dis­ci­plined and struc­tured ap­proach. This will then help them to trans­form their dreams in to re­al­ity.

What are the main ben­e­fits of this prod­uct com­pared to other sav­ings/in­vest­ment prod­ucts in the mar­ket?

The cus­tomer can get a hand­some re­turn on their sav­ings while keep­ing it in US$ thus pro­tect­ing them from ex­change rate fluc­tu­a­tions. The Na­tions For­eign Cur­rency In­vest­ment Plan will pro­vide cus­tomers with sta­ble re­turns in a for­eign cur­rency at a much higher rate that an or­di­nary for­eign cur­rency sav­ings ac­count or even a for­eign cur­rency fixed de­posit.

Who is el­i­gi­ble for this prod­uct?

This prod­uct is tai­lored mainly to Sri Lankan ex­pats who are liv­ing and work­ing abroad along with Sri Lankan mi­grants (PR Hold­ers) and res­i­dent Sri Lankans who earn in US$, for ex­am­ple pi­lots or those pro­vid­ing pro­fes­sional ser­vices to non­res­i­dents. In ad­di­tion to this, non-na­tion­als of Sri Lankan ori­gin and Sri Lankan dual cit­i­zens are also el­i­gi­ble for this prod­uct.

Can you tell us a few de­tails about the prod­uct?

The ten­ure of the prod­uct, that is the du­ra­tion of in­vest­ment, is ei­ther 3 years or 5 years and plans are avail­able in US$ at the mo­ment.

An at­trac­tive in­ter­est rate of 4.25 per­cent (4.38 per­cent A.E.R) is pro­vided and the ini­tial de­posit will be the ap­pli­ca­ble first monthly in­stal­ment.in terms of the amount that cus­tomers tar­get to achieve at the end of the in­vest­ment pe­riod, the min­i­mum will be US$ 10,000 and the max­i­mum will be US$ 50,000. So, within that range, cus­tomers will have the flex­i­bil­ity to choose how much they want to tar­get at the end of the in­vest­ment pe­riod.

Would you like to share any­thing else?

This prod­uct opens up a world of possibilit­y for our cus­tomers. Now, they can save for the fu­ture se­curely in a for­eign cur­rency. We en­cour­age all our ex­pat cus­tomers and cus­tomers who earn in US$ to use a Na­tions For­eign Cur­rency In­vest­ment Plan to build a bright fu­ture and make their dreams a re­al­ity.

Na­tions Trust Bank PLC is among the top 30 busi­ness es­tab­lish­ments in Sri Lanka as ranked by Busi­ness To­day Mag­a­zine, ably pro­vid­ing a host of fi­nan­cial prod­ucts and ser­vices to a wide range of cus­tomers. Na­tions Trust is also the bank be­hind Sri Lanka’s first fully dig­i­tal bank, Frimi.

The bank op­er­ates 94 branches across the coun­try, boast­ing an ATM net­work cov­er­ing 135 lo­ca­tions and 46 Cash De­posit & With­drawal Ma­chines, plus more than 3,500 ATMS on the Lanka Pay Net­work and is the is­suer and sole ac­quirer for Amer­i­can Ex­press® Cards in Sri Lanka.

Shea­han Daniel

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