Bank offers 12.5% for Red Carpet - Inner Circle Fixed Deposit holders but when depositors want to withdraw funds bank had said for the next few days bank will only offer 1.5% interest to them.
No Bank in Sri Lanka do this type of unethical offers for customers.
Central Bank needs to investigate this!
Following are the extracts from a letter sent to a customer.
Dear Mr. (Name Private for Privacy),
Please find the below calculation which is related to your FD redemption -
Interest paid on 18/03/2013 - 9972.60
Interest deduction for premature redemption is done like below
1000000.00 - 9972.60 = 990027.40 + ( w1)1931.51 = 991958.91
(w1) 01MN * (47 days / 365 days ) * 1.5% = 1931.51
1.5 % rate was calculated as = (2.5% + 0.5%) - 1.5%( the penalty rate) = 1.5%
Thanks & Regards,
Name (Deleted for Privacy)
Inner Circle Ambassador,
+94 (0)11 4 711411
Last edited by ShafrazShauk on Fri Mar 29, 2013 11:34 am; edited 1 time in total