Seylan Bank innovate with rewards to idle funds in accounts

Launches “2 in 1” automated investment manager option

Seylan Bank, has not lost any of its innovative spirit in grabbing opportunities presented by technology.

Its latest introduction is the Automated Investment Manager which converts idle funds in Current Accounts to Savings balances, thus, enabling the customer to enjoy the best of both worlds.

Branded “2 in 1”, the product offers to those individuals and partnerships with a current account balance of more than Rs. 10,000/-, the opportunity of leaving a minimum balance of Rs. 10,000/- in the Current Account and having the excess transferred to a matching Savings Account overnight.

These balances would automatically earn interest overnight which is credited to the savings account on a weekly basis for the first time in Sri Lanka.

Cheques issued from the Current Account would be paid by a matching transfer from the Savings Account which would take place automatically, real time.

The Savings Account would not have a passbook but the account holder would receive a bank statement at the end of every month.
All standing order instructions, loan recoveries and bank charges could be recovered from the Savings Account which makes it easier to reconcile the Current Account statement.

In addition, the account holder could also become eligible for Merit Rewards benefits by balances maintained in the Savings Account.
The fully automated product enables the bank service its customers real time and with convenience.

A spokesman for the Bank mentioned that this is a continuation of their endeavours to leverage the best that technology could offer thereby helping the Sri Lankan public with productive returns and value additions, in line with the thinking of Chairman – Deshamanya Dr. Lalith Kotelawala.