Communiqué

Repo Rate Adjustment

August 23, 2019

Communiqué

Following the adjustment of the Repo Rate to 3.35% on 9 August 2019, our Prime Lending Rate (PLR) and Savings Deposit Rate are being revised. The following interest rates will be applicable with effect from Monday 26 August 2019:

  • Prime Lending Rate (PLR): 6.55% p.a.*
  • Savings Deposit Rate: 1.95% p.a.* (AER** of 1.964%)
  • Emma Savings Account: 2.20% p.a. (AER** of 2.218%)
  • First Step Savings Account: 2.20% p.a. (AER** of 2.218%)
  • MoneyTree Savings Account
    Balance up to Rs 1m: 1.95% p.a. (AER** of 1.964%)
    Balance above Rs 1m: 2.50% p.a. (AER** of 2.411%)
  • Savings Account with Cheque Book: 1.00% (AER** of 1.004%)

Furthermore, our tariff structure is also being revised effective from 1 September 2019.
We are pleased to announce that the following items will be free of charge for our customers as from the same date:

  • Certificate of Outstanding Balance
  • Certificate of Interest / Balance / Liabilities / Others
  • Reminder Fees
  • Internet Banking for SME and Corporate Customers

*Note: Interest rates on all products linked to Savings and PLR will be adjusted accordingly.
**AER: Annual Effective Rate

 

New tariff structure effective as from 01 September 2019

ItemsProposed service charge
Certificate of outstanding loan balanceFree for Individual customers
Cash advance fee on all credit cards2.5% of withdrawn amount.
Minimum Rs125/-
Annual Fee – Gold CardsRs 700 + VAT
Reminder FeesFree
Loan Monthly Service FeeRs 75 + VAT
Annual Fee – Platinum CardsRs 1,300 + VAT
Annual Fee – Infinite CardsRs 3,200 + VAT
Infinite Credit cards - Interest Charges1.90% per month: 22.80% yearly
Annual Fee – Business CardsRs 450 + VAT
Certificate of Interest / Balance / Liabilities / OthersFree for Individual customers
Business credit cards - Late Payment FeeRs225/- (fixed)
Processing fee
(i) Fully secured by Cash Deposit (with margin)
1.25%
Minimum 1,500 and Maximum Rs 50,000
Processing fee
Secured loans
(ii) Others
Up to Rs5.0M
1.25%
Minimum Rs 2,000/- and Maximum Rs50,000
Treasury Bills - Account Opening FeeRs 250
Treasury Bills - Transaction Fee0.25% minimum Rs 1,000 Maximum Rs 2,500
Internet Banking – for SME customersFree
SME Package FeeRs 250 + VAT month
Include
• Dedicated Relationship Manager
• Free service for Current Account
• Free Internet Banking
• Free joining fee Business cards
Current Account Monthly Service FeeRs 75 + VAT
Conversion Fee3% of the amount on Foreign Currency transactions on all cards