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Pan Asia Bank launches ‘Blue Chip Money Market Savings’ product for corporates

7 January 2016 06:30 pm - 0     - {{hitsCtrl.values.hits}}

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Sri Lanka’s fastest growing commercial bank, Pan Asia Banking Corporation PLC, recently launched its newest savings account designed for the corporate clientele to park their excess funds while enjoying one of the highest interest rates on offer in the market.    

Pan Asia Bank’s ‘Blue Chip Money Market Savings Account’ offers any corporate in the country to send its excess moneys to Pan Asia Bank and earn an interest rate of 6.25 percent per annum in the current context (rates are subject to change weekly) and offer the flexibility to remit its monies back with interest even on the very next day.  

Besides, this account also offers the ability for a company to operate the account combined with a current account with an inbuilt ‘sweep-in, sweep-out facility’, where automatic fund transfer between the savings account and current account are made possible. 

At a time when such investment opportunities are extremely rare for the corporate in Sri Lanka, Pan Asia Bank’s Blue Chip Money Market Savings Account offers an ideal opportunity for the Lankan businesses to earn an extra return on their money, which otherwise would have been idling in their current accounts. 
Explaining the reasons for coming up with a savings product for the corporate clients, the bank’s Deputy General Manager (DGM) Treasury Richie Dias said although there are many savings products in the market offering higher interest rates for the retail customers, there are not many products that cater exclusively to meet the requirements of corporate clients.

“This is an ideal opportunity for companies that operate with excess liquidity to earn an extra income by transferring funds to us as an enhanced interest rate returns can be obtained as opposed to keeping money in a current account. Since Blue Chip Money Market Savings Account offers tiered bases interest rates, higher the amount invested, the higher the rate of return would be for the customer,” Dias said.  


Above 6 percent 
savings interest rate
Another notable feature in the account is that the interest rate offered is fixed for a week, based on the prevailing inter-bank money market interest rates.
Every Monday, the bank advertises the interest rate on the press so that those companies which intend to invest in the account are able to know in advance the rate which will be applicable on their funds. Investments can be made for periods as short as a single day and then get the funds transferred back.  
The bank will also soon start an e-mail campaign to all companies communicating the interest rates offered on the account.   

A company that maintains a balance between Rs.5 million and Rs.25 million in the account will earn a minimum interest rate of 6.25 percent, while a balance exceeding Rs.25 million will earn an interest rate over 6.50 percent (There are current interest rates. Rates are subject to change weekly).
The bank will calculate the interest on the daily balance and credit to their account on a monthly basis. 

“There are many occasions where companies find themselves in cash rich positions due to the seasonality of their working capital cycle or sudden realization of their stocks. So, until they start their next working capital cycle, these moneys won’t earn any income if they just lie idle in a current account. That is why the Blue Chip Money Market Savings Account is an ideal solution for such companies that look to optimize returns on their funds,” he remarked. 


Sweep-in, sweep-out facility   
The inbuilt ‘sweep-in, sweep-out’ facility in the account enables the bank to transfer funds between the savings account and the current account of the company without having to give instructions each and every time such a transfer is required. 

“We take care of the management of the funds on behalf of the company. For instance, if you receive a cheque to your current account, the funds will automatically be transferred to the current account from the Blue Chip Money Market Savings Account and at the end of the day the entire collection of your current account will be transferred back to the Blue Chip Money Market Savings Account for which you will earn an interest income,” Dias added. 
The bank will soon launch its state-of-the-art Internet banking platform and the mobile app, which will bring the operating and the monitoring of the account to the company’s accountant’s or the owner’s fingertips. 

Any corporate entity registered in Sri Lanka can open an account at any of Pan Asia Bank’s 79 branches scattered across the country to enjoy these hassle-free benefits while enjoying the highest interest rate available for a corporate savings deposit. 


Understanding Sri Lankan corporate clientele 
The product was designed after closer understanding of the requirements of the corporate clientele of the country.  

“This is in line with our bank’s ethos of understanding the customer better than anyone else. We have successfully done this in our retail banking segment and we are now testing our strengths in the corporate banking segment. Since the launch of the product recently, we have received an extremely positive response from the market,” Dias said. 

Pan Asia Bank has been at the forefront of introducing innovative value-added products to the market due to its commitment to understand real customer requirements.

In 2014, the bank was adjudged as the most innovative bank in Sri Lanka by the United Kingdom’s Global Banking and Finance Review, while in 2015, Pan Asia Bank was ranked among the top three banks in Sri Lanka at the coveted National Business Excellence Awards organised by the National Chamber of Commerce of Sri Lanka.
See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 


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