Standard Chartered SL steps up to help clients affected by COVID-19 pandemic

Standard Chartered Sri Lanka has stepped up efforts to support clients affected by the COVID- 19 pandemic, announcing a series of relief measures and innovative concessions for the benefit of retail and corporate clients. The bank has extended all relief measures in adherence to the directives by the Central Bank of Sri Lanka (CB) and has extended more concessions and benefits for client convenience and satisfaction. At a global level, the Standard Chartered group has also announced several measures to support the worldwide fight to combat COVID-19, the bank’s Colombo office said in a media release.

Commenting on the concessions and benefits, Sheahan Arasaratnam, Country Head, Retail Banking, Standard Chartered Sri Lanka said, “While the Central Bank has brought in new regulations for the entire industry in this time of need, we decided to go the extra mile and make sure our customers were well taken care of.”

In adherence to the directives by the CB, Standard Chartered has offered a 3- month payment holiday on the loan instalment for loans with a value of Rs. 1 million and below, while clients with loans above that amount can apply for a 60- day payment holiday on loan instalments. The bank will only charge 15 per cent interest on credit card transactions up to a total value of Rs. 50,000 from March 25, with dues settlement extended up to May 15. The minimum amount due on credit card payments, which consists of accrued interest, financial charges and instalment payments ( if any), was reduced by 50 per cent as well. Late payment fees have been waived for both credit cards and loans until September 30. Clients who are eligible may also request for a payment extension up to September 30, for permanent overdraft facilities. Furthermore, senior citizens have been granted an ATM withdrawal fee waiver until May 31.

Standard Chartered Sri Lanka also devised innovative concessions for clients including a doorstep cash delivery offer for Priority Banking clients in select locations until April 30. Further, clients were offered 10 per cent savings on the total bill when ordering essentials through PickMe up to April 30 and 10 per cent savings on online entertainment purchases up to May 15. The bank increased the daily CEFT transfer limits to Rs. 5 million to be carried out with no fees until April 30 and offered 20 per cent cash back up to Rs. 1,500 on the total monthly utility bill payments made via the Standard Chartered Mobile App up to the same date.

“Standard Chartered Group has announced a global fund to aid those affected by the pandemic, and here in Sri Lanka, we are working with a local NGO to disburse the country allocation from the emergency relief fund for an identified project,” Mr. Arasaratnam further said.