Pan Asia Bank introduces ‘Rising Fixed Deposit’

Pan Asia Bank’s Rising Fixed Deposit, the unique twoyear FD, 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 market interest rates.

Pan Asia Bank famed for its innovative financial services sector products has designed this fixed deposit, which combines best of both worlds for customers by passing on the benefits arising out of the interest rate volatility in the market.

Currently the Rising FD product offers guarantees minimum interest rates for 10.5 percent 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 percent for the remainder tenure of the fixed deposit.

“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,” said Pan Asia Bank Deputy General Manager Marketing, Cards and Deposit Mobilisation Nalaka Wijayawardana. “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,” Wijayawardana added.

Customers can open a Rising FD at any of the 85 branches of Pan Asia Bank scattered across the island.