Nations Trust Bank PLC launched ‘Nations RI$E’, a unique USD Fixed Deposit product, the Bank announced recently. Designed as the ideal option for depositors, Nations RI$E is the first 2-year tenure USD Fixed Deposit in a local bank to incorporate a floating interest rate, allowing customers to derive maximum benefit from their dollar deposits.
Nations RI$E is another innovative initiative of Nations Trust Bank to support the national cause of attracting foreign currency deposits into the country. This deposit is available for resident and non-resident individuals with foreign currency deposits, as well as for eligible business clients. The interest rate of the product will be reviewed on completion of the 1st year of the deposit, for a limited time period of one year from the product launch date.
Perry Savundranayagam, Executive Vice President – Treasury / Investment Banking at Nations Trust Bank shared more insights, “Nations RI$E is the only USD Fixed Deposit account with a 2-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 re-pricing 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 Nations Trust Bank 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$E USD Fixed Deposit for a minimum initial deposit of USD 10,000. Interest payment for Year 1 will be fixed at 5%, whilst Year 2 will have a floating rate at LIBOR + 3.75%, with an interest cap of 6.25% p.a. and an interest floor of 4.5% p.a.
Customers with Personal Foreign Currency consisting of individuals with Sri Lankan origin residing in Sri Lanka and individuals of Sri Lankan origin who reside outside Sri Lanka will be eligible to invest in the product. Business Foreign Currency Account (FEEA EFC) holders in Sri Lanka both individual and institutional, are also invited to invest with Nations Trust Bank’s Nations RI$E subject to regulatory conditions.