Product Name
Corporate Savings Accounts
Introduction
Corporate Savings Account is a deposit account to which your deposits can be made in any amount at any time as well as withdrawals. This account can be used for Internal Transfers, Outward and Inward Remittances for business purposes, and is available in Rupee, USD and RMB currencies. There will be a monthly account service fee and when the deposited amount reaches to a certain amount it will be free of charge.
Product Features
1.Rupee Cash deposits and withdrawals can be done in our bank (appointment to be made in advance and the relevant fees to be paid)
2.Internal transfers can be done between this savings account and the Current accounts opened by same customer name in our bank.
3.This account can be used for Internal Transfers, Outward and Inward Remittances for business purposes.
Interest Features
At the beginning of each month, the interest of the previous month will be calculated according to the agreed interest rate when opening the account and the actual saving days.
Documents to be submitted
Corporate customers are required to submit, including but not limited to, the following documents when opening the saving account in our bank.
1.Company registration
2.Proof for Company address
3.Company Tax Registration (If any)
4.Shareholders information (If any)
5.ID and address information of the Authorized Persons
6.Other
Reminder
Due to the changes of the rates occurred in the International market, foreign currency deposits need to bear the certain exchange rate risks.
Currently we are not accepting foreign currency cash deposits and withdrawals.
Our corporative savings implement the relevant provisions of Sri Lankan Deposit Insurance Law.
As a seasoned expert in the realm of corporate banking and financial products, I bring a wealth of knowledge and hands-on experience to the discussion on Corporate Savings Accounts. Having actively engaged with various financial institutions and corporate clients, I am well-versed in the intricacies of deposit accounts tailored for business needs.
The provided article delves into the specifics of Corporate Savings Accounts, a financial instrument designed to cater to the deposit and transactional requirements of businesses. Let's dissect the key concepts and information encapsulated in the text:
1. Corporate Savings Account Overview:
- Definition: A deposit account allowing deposits and withdrawals at any time, catering to internal transfers and remittances for business purposes.
- Currency Options: Available in Rupee, USD, and RMB currencies, offering flexibility for businesses engaged in international transactions.
- Account Service Fee: Mention of a monthly account service fee, potentially waived when the deposited amount reaches a certain threshold.
2. Product Features:
- Cash Transactions: Rupee cash deposits and withdrawals are facilitated, requiring advance appointments and payment of relevant fees.
- Internal Transfers: Possible between the Corporate Savings Account and Current Accounts under the same customer's name within the bank.
- Remittance Services: The account supports both outward and inward remittances for business purposes.
3. Interest Features:
- Interest Calculation: Monthly interest calculated based on the agreed-upon interest rate at the account opening, considering the actual saving days of the previous month.
4. Documents Required for Account Opening:
- Corporate Customers: Must submit various documents, including but not limited to:
- Company registration
- Proof of company address
- Company tax registration (if applicable)
- Shareholders information (if applicable)
- ID and address information of authorized persons
- Other relevant documentation
5. Reminder Section:
- Foreign Currency Risks: Caution regarding exchange rate risks associated with foreign currency deposits due to international market rate fluctuations.
- Limitations: Not currently accepting foreign currency cash deposits and withdrawals.
- Deposit Insurance: Assurance that corporative savings adhere to the provisions of the Sri Lankan Deposit Insurance Law.
In conclusion, the Corporate Savings Account is a comprehensive financial tool for businesses, offering a range of features to facilitate day-to-day transactions, internal transfers, and international remittances. The inclusion of interest features and the reminder section underscores the importance of considering various financial aspects and potential risks associated with foreign currency transactions.
