ComBank Announces Revised Deposit Values ​​for Popular ‘Millionaire’ Investment Plan – The Island

A committed fixed monthly deposit of just Rs 4,280 can begin the journey to millionaire status following an upward revision of the interest rate applicable to the popular investment plan linked to the Commercial Bank’s “Millionaire” aspiration of Ceylon at 15% per annum.

Reflecting the upward moves in interest rates, Sri Lanka’s private sector benchmark bank announced the new monthly deposit requirements for two- to six-year plans. The plans culminate when the depositor accumulates the account balance of one million rupees, under this unique investment plan originally launched in 2015.

Accordingly, a fixed monthly deposit of Rs. 35,600 over two years, guarantees the depositor an amount of Rs 1 million, and a deposit of half of this value – Rs 17,800 per month – will allow the depositor to accumulate a balance of Rs 500,000 in two years, or to become a millionaire in four years, the bank said.

Designed to be a flexible and easy to manage investment plan that generates expected returns within a targeted timeframe, the Commercial Bank Millionaire Account allows clients to accumulate a minimum balance of Rs 500,000 or multiples of Rs 500,000 without upper limit on targeted investments over a period of two, three, four, five or six years.

The product retains another popular feature – the eligibility of the depositor to borrow an amount equivalent to 75% of their cumulative balance for any urgent needs during the term of the investment plan.

Described as an aspirational investment plan that allows account holders to accumulate a target amount within a specific time frame without high initial investment, the “Commercial Banking Millionaire Investment Plan is designed primarily to meet the needs of a segment that needs to accelerate savings for specific purposes such as the purchase of assets, the education of children or their own education or marriages.

Available to any Sri Lankan over the age of 18, the investment plan also allows depositors to designate beneficiaries to receive the full amount invested, without any penalty, in the event of death before maturity.

The first 100% carbon neutral bank in Sri Lanka, the first Sri Lankan bank to be listed among the world’s top 1000 banks and the only Sri Lankan bank to be listed for 12 consecutive years, Commercial Bank operates a network of 268 branches and 940 automated machines in Sri Lanka. Commercial Bank is Sri Lanka’s largest SME sector lender and is a leader in digital innovation in the country’s banking industry. The Bank’s overseas operations include Bangladesh, where the Bank operates 19 outlets; Myanmar, where he owns a microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I bank with majority ownership.

Lynn A. Saleh