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Frequently Asked Questions (FAQ)
 
Cheques
  • What happens if I issue a Cheque and my account does not have sufficient funds?

    When a Cheque is issued with insufficient funds in the account, the customer runs the risk that the Cheque may not be honored. If the Cheque is dishonored due to insufficient funds, the issuer will be liable to pay a heavy penalty imposed by the bank and the beneficiary has legal recourse to recover damages.

  • Can I encash a Cheque at a branch of the bank other than one which issued the Cheque?


  • Yes banks allow customers to encash cheques at branches other than at the home branch of account holder, although for control reasons limits could be placed on the amount to be withdrawn.

  • What do you mean by CITS


  • Cheque Imaging & Truncation System (CITS) is an image-based cheque clearing system, which replaced the physical cheque with electronic information, flowing throughout the clearing cycle. This process eliminated the actual cheque movement in cheque clearing and reduced the delays associated with the physical movement of cheques

  • Are all banks in Sri Lanka on CITS?


  • All commercial banks operating in Sri Lanka are obliged to use CITS

  • What are some of the new features in the CITS?


  • *New standard size for both personal and corporate cheques *Introduction of a Cheque Return Notification (CRN)

  • What is a CRN?


  • CRN is the document issued by the paying bank in lieu of a dishonoured cheque stating the reasons for dishonour.
E-Banking
  • How can a customer be certain that e-banking is safe?

    Regardless of the technology or medium, both banks and customers have a responsibility to ensure that transactions are carried out in a secure and safe manner. Customers have to protect their data such as PIN number, login information or passwords.

  • If the accounts of internet customers are compromised as a result of using e-banking, will they be compensated if money is withdrawn by hackers?


  • As a principle banks do compensate customers for losses arising from fraud or security breaches for which the customers are not at fault. Prospective customers must clarify these issues prior to entering into an e-banking arrangement with a bank.

  • What are the advantages of using e-banking?


  • With the improvement of technology and the customer needs, E-banking provides customers to do their banking transaction in a more convenient manner. Customers can transfer funds, pay bills, get transaction history or even as a mean of communicating with the banks etc by just logging to the internet bank account at any time of the day.
Measures to enhance payment card security
  • Card fraud includes several type, i.e. counterfeit, online fraud, lost or stolen card, application fraud etc. Banks use several measures to minimize these frauds. These measures includes migration to chip technology, Telephone line encryption, SMS notification, education of card holder and merchants, online fraud monitoring etc
Rates
  • If the maturity date of a fixed deposit falls on a non working day, would I be paid interest for the non working day(s)?

    When the maturity date of the fixed deposit falls on a non working day, the maturity date will be moved to next working day and interest paid accordingly for the non working day(s)

  • What is the prime lending rate?


  • The prime lending rate is the weighted average lending rate by commercial banks to their prime customers

  • What is SLIBOR?


  • SLIBOR stands for Sri Lanka Inter Bank Offered Rate. SLIBOR is an average of interest rates quoted by selected commercial banks at which they are willing to offer funds for different maturities in the call money market. Based on these quotes, SLIBOR for one day, seven days, one month, 3 months, 6 months and 12 months maturities are computed and published daily by the Central Bank.


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