A fixed monthly deposit committed can begin the journey to millionaire status after an upward revision of the interest rate applicable to the popular investment plan linked to the “Millionaire” aspiration of the Commercial Bank of Ceylon to 15% by year.
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 for more than two years, guarantees the depositor an amount of Rs 1 million and a deposit of half of this value, will allow the depositor to accumulate a balance in two years, or to become a millionaire in four. years, the bank says.
Designed to be a flexible and easy to manage investment plan that generates expected returns within a targeted timeframe, Commercial Bank’s Millionaire Account allows clients to build a minimum balance or multiples with no upper limit on the targeted investment on 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.