Commercial Bank launches new version of ‘Millionaire Account’

The Commercial Bank of Ceylon has re-launched its popular ‘Millionaire Account’ to enable a larger group of aspiring savers to open accounts and benefit from its unique structure.

The bank said it will now allow customers to build up a minimum balance of Rs. 500,000 instead of Rs. 1 million as originally envisaged, or multiples of Rs. 500,000 with no upper limit on the targeted investment.

Holders of Commercial Bank Millionaire Accounts will also be eligible to borrow an equivalent of up to 75% of their account balances, a new feature introduced with the re-launch of the product.

Originally launched in 2015 as an aspiration-linked investment plan that enables account holders to build up a target amount within a specific period without a high initial investment, the ‘Commercial Bank Millionaire Account’ is designed principally to cater to a segment that needs to fast track savings for specific purposes such as the purchase of assets, children’s or own education or weddings. The product is a flexible, easy to manage investment plan that generates expected returns within a targeted period of time.

It guarantees the depositor a balance of Rs. 500,000 or multiples of Rs. 500,000 in two, three, four, five, or six years, depending on how much he or she is willing to deposit each month.

Available to any Sri Lankan over 18 years of age, the Commercial Bank Millionaire Account that generates a balance of Rs. 500,000 in two years requires a monthly deposit of Rs. 19,155 per month. A deposit of double that – Rs. 38,310 per month – over two years –guarantees the depositor a balance of Rs. 1 million.

Depositors can nominate beneficiaries to receive the total amount invested without any penalty charge, in the event of their demise before maturity.