Our Mudarabah Savings accounts offer you an attractive profit share feature, where your profits will be calculated based on your daily balance. Profits are accrued on a daily basis and credited to the account prior to the 15th of the following month. Other features include VISA enabled debit cards, POS transactions for debit card holders, ATM withdrawals through any Lanka Pay enabled ATM machine locally and VISA enabled ATM machine internationally, LB e-connect facility completely free of charge for around-the-clock transactions. Internal standing orders and Direct Debits are available free of charge, and SLIPS/ CEFTS transfer facilities are available. Your minimum balance should only be Rs.500.00. There are no opening fees applicable. Your maintenance fee will be your payment towards CEFTS and SLIPS facilities, and a transaction fee applies for all ATM withdrawals. You are also eligible for a Deposit Insurance Coverage of maximum up to Rs.1,100,000.00 based on the amount deposited.
Restrictions on opening an account/ closing an account/ transfer of funds by customers:
- Account holders of age below 18 years (minors) are not allowed to open Mudarabah Savings accounts.
- Sri Lankans who do not hold a valid NIC/PP are not eligible.
- Foreigners who do not hold residence visas in Sri Lanka are not eligible.
- Limits have been set by the company for fund transfers which can be customized on the customer’s request.
- Contract Law
- Directions & Circulars of Central Bank
Policies and procedures on dormant accounts and abandoned properties:
- Mudarabah savings accounts with no transactions for a one-year period are classified as Dormant Accounts.
- A duly filled Dormant Account Activation Form along with identity confirmation are required to reactivate a dormant account.