11 August 2021 08:25 am Views - 122
Nations Trust Bank PLC (NTB) launched ‘Nations RI$E’, a unique US dollar fixed deposit product, the bank announced recently.
Designed as the ideal option for depositors, Nations RI$E is the first two-year tenure US dollar fixed deposit in a local bank to incorporate a floating interest rate, allowing customers to derive maximum benefit from their dollar deposits.
Nations RI$E is another innovative initiative of NTB to support the national cause of attracting foreign currency deposits into the country. This deposit is available for resident and non-resident individuals with foreign currency deposits as well as for eligible business clients. The interest rate of the product will be reviewed on completion of the first year of the deposit, for a limited time period of one year from the product launch date.
NTB Executive Vice President Treasury/Investment Banking Perry Savundranayagam shared more insights.
“Nations RI$E is the only US dollar fixed deposit account with a two-year tenure, that is both pegged to LIBOR and also has a high floor rate to protect against local market volatility during trying times. The unique annual repricing ensures that the FD will give the customer returns in line with market growth over the period, underpinned by the customer-centric approach for which NTB is best known. The product is on offer for both individual and institutional customers and we invite our customers to make use of this exciting investment.”
Individual and institutional investors can open a Nations RI$E US dollar fixed deposit for a minimum initial deposit of US $ 10,000. Interest payment for year one will be fixed at 5 percent, whilst year two will have a floating rate at LIBOR + 3.75 percent, with an interest cap of 6.25 percent p.a. and an interest floor of 4.5 percent p.a.
Customers with personal foreign currency consisting of individuals with Sri Lankan origin residing in Sri Lanka and individuals of Sri Lankan origin who reside outside Sri Lanka will be eligible to invest in the product. Business foreign currency account (FEEA EFC) holders in Sri Lanka, both individual and institutional, are also invited to invest with NTB’s Nations RI$E, subject to regulatory conditions.