Fixed Deposits

1. Unless instructions are given in writing by the account holder to the Bank to the contrary of instructions given at the time of opening the account, at least seven days before the end of the term of the deposit, the Bank shall have the authority which is hereby given to renew the Fixed Deposit exclusive/inclusive of interest for a further term and for successive terms at the Bank’s discretion and subject to such conditions (including the rate of interest) as may be prescribed by Bank of Ceylon from time to time.
2. In the event of pre-mature withdrawal (before the end of the term of the deposit) of the deposit by the accountholder, the accountholder will be paid interest only at the lower rate prescribed by the Bank and the Bank shall have the right to deduct whatever interest paid in excess, consequent to drawing the interest monthly at the higher rate agreed upon for the full term from the principal amount of the deposit or any balance interest payable at the time of such withdrawal.
3. The fixed deposit receipt issued by the Bank to the accountholder is not transferable and the deposit will not be released by the Bank until the original deposit receipt is surrendered to the Bank. However, the Bank at its discretion may release funds after the maturity to the accountholder after establishing the bona fide and identification beyond doubt after obtaining additional documents from the accountholder.
4. Loss of a fixed deposit receipt should be immediately notified to the Bank in writing. 
5. In case of changes of any information /details stated in the application including postal address, email address and contact number, the account maintaining branch should be informed immediately. 
6. The operating instructions of the account given below are considered as valid until the Bank receives proper written notice of changing the instructions.
7. The Bank may change, amend or add to the terms and conditions relating the maintenance of accounts by giving notice to accountholders through Bank’s website (www.boc.lk). These notices shall be considered as a due notice to the accountholder. The accountholder shall abide by the Terms and Conditions so changed, amended or added as soon as they take effect. 
8. The Bank may request information from the accountholder in order to fulfil regulatory requirements. The accountholder shall provide such information in adequate manner. If the accountholder doesn’t provide such information the Bank may suspend the operations of the account.
9. The account is subject to the Directions and Guidelines issued by the Central Bank of Sri Lanka and the laws of the country as may be amended from time to time.
10. The accountholder should comply with the Foreign Exchange Act and Rules of the Bank governing the conduct of foreign currency accounts and the Foreign Account Tax Compliance Act regulations.
11. The account can be closed by the accountholder through a written request.
12. The account may be closed by the Bank at any time upon written notice to the account holder. The Bank may also close the account without notice if it suspects any fraudulent activity or suspicious transactions and false information.
13. In the event of e-statements, the accountholder hereby undertakes and agrees to indemnify and save, defend and keep harmless the Bank, its successors, assigns, agents and servants and every one of them from any losses, damages, interests, costs, charges and detriment of whatsoever kind of nature consequent on or attributable to the Bank sending e-statements to the accout holder. 
14.  The Bank deduct service charges applicable if any from the account according to the published charges in the Bank’s website.

Key Fact Document