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Corporate Liquid Term Deposit content

Corporate Liquid Term Deposit

Earn Interest on your Idle Funds

A unique combination of Current account and Fixed deposit
As and when the balance in current account exceeds LKR 1.5 mio, excess amount in multiple of LKR 0.5 mio will be transferred to Fixed Deposit account (Sweep) in order to fetch interest on the idle funds. However, liquidity will be maintained thorough Reverse Sweep by partial break up of Fixed Deposit in multiples of LKR 0.50 mio in case balance in current account goes below minimum balance requirement due to payment of cheques, etc. Last in first out principle shall be used for reverse sweeps.
Please contact any of our branches for further details.

Eligibility
  • Corporates & Institutions maintaining current account

Interest Rates
  • No Interest on balances in current account
  • Card Rates on Fixed Deposits


Minimum Balance Required
  • LKR 1.0 mio
  • A monthly charge of LKR 1,000/- shall be recovered for non-maintenance of minimum balance.


Cheque Book
  • Cheque Book will be issued for local payments


Tenure of Fixed deposits

As per choice of the Corporate-3M/6M/12M

In case of payment requirement over the counter/clearing if Current Account needs fund from Fixed Deposits (FD), concept of Last in First Out (LIFO) will be applied. As such, partial breaking of FD in multiple of LKR 0.5 mio by an amount adequate for payment, leaving aside the minimum prescribed balance of LKR 1 mio will take place. In other words, balance in the CA will not be allowed to go below the minimum prescribed balance, i.e. LKR 1 mio unless the balance available under FD component is fully exhausted.

On partial breaking, interest will be applied at the applicable rate for the period such amount has been with the bank. There will not be any interest payment, if such amount has been remained for less than 3 months with the bank.



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