Commercial Bank launches ‘Cash on Fixed Deposits’ facility via linked credit or debit cards

Commercial Bank of Ceylon has introduced a ‘Cash on Fixed Deposits (FD)’ facility, which enables depositors to withdraw against their FD value through an exclusive debit or credit card linked to their accounts.

The bank said the facility has been especially designed to meet any unforeseen financial requirements of the bank’s FD clientele.

In case of an emergency, customers that have the ‘Cash on FD’ facility will eliminate the requirement to uplift their FD accounts, in mid-contract, which would lead to a loss of the contracted interest earnings.

Upon opening a fixed deposit for one year or more with a minimum value of Rs.100,000, customers can avail of this ‘Cash on FD’ facility, to withdraw cash up to 90 percent of the FD value through a debit card, the bank said.

When opting to utilise the facility via a debit card, an instant debit card will be issued at a discounted rate of Rs.300 through a special account. No establishment fees will be charged for this facility. The customer can also obtain a credit card instead of a debit card with a limit of up to 75 percent of the value of the deposit to enjoy other benefits attached to credit cards in addition to the cash against the FD, the bank said. When opting for a credit card, customers will be exempted from paying a joining fee and the annual fee during the entire tenure of the FD.

Anyone above the age of 18 with the minimum deposit amount can apply for the Cash on FD facility, the bank said.