Commercial Bank of Ceylon PLC (hereinafter referred to as "Commercial Bank") is the largest private commercial bank in Sri Lanka and has been an important pillar of Sri Lanka's financial system since its establishment in 1969 with its extensive service network, strong financial position and commitment to social responsibility. This article will comprehensively analyze the characteristics and advantages of commercial banks in terms of institutional profile, financial health, products and services, fee structure, digital experience, customer service quality, security measures, special services and market position, etc., and provide in-depth insights for potential customers and researchers.
the profile and background of the organization
Commercial Bank was established on 25 June 1969 and is headquartered at 21 Sir Razik Fareed Mawatha, Colombo. The bank, which was initially 40% owned by Eastern Bank, was acquired by Chartered Bank and was acquired by Senior Judge V. Manicavasagar served as the inaugural chairman. As a public company, the commercial bank is traded on the Colombo Stock Exchange and its shareholders include both private and institutional investors. In 2020, the bank celebrated its 100th anniversary, highlighting its contribution to science, technology, engineering and mathematics (STEM) education, with plans to build smart classrooms in 100 schools.
Commercial banks cover the entire territory of Sri Lanka with 268 branches and about 932 ATMs, providing a wide range of ATM services through the CO-OP network. The bank also has international operations in Bangladesh (11 branches, 2 sub-branches, 6 SME service centres), Maldives and Myanmar, becoming the first private bank in Sri Lanka to set up branches overseas. Commercial banks are regulated by the Central Bank of Sri Lanka and are subject to the Banking Act (Banking Act No. 30 of 1988). Deposits are protected through the Sri Lanka Deposit Insurance Scheme (SLDIS) with compensation of up to Rs 1.1 million per depositor. As of 2025, banks have not reported significant compliance issues, demonstrating their robust performance in regulatory compliance.
In 2024, the bank reported a total revenue of Rs 1,451 crore and profit after tax of Rs 2,880 crore, up 49.9 per cent and 152.7 per cent YoY, respectively, showing its strong resilience amid economic challenges. Commercial banks are designated as high-grade domestic systemically important banks (D-SIBs) by the Central Bank of Sri Lanka, demonstrating their key position in the financial system.
Deposit & Loan Products
Deposit Products
Commercial banks provide a variety of deposit products to meet the needs of different customers:
1. Demand Deposit
- Samurdhi Savings Account (for low-income groups): 4.00%.
- Children's Savings Account: Interest rate is 4.25%.
- Senior Citizens' Savings Account (over 55 years old): 4.25%.
- People's Housing Savings Account: The highest interest rate at 4.50%.
2. Fixed Deposit (Minimum Deposit Rs.5,000)
- 7-Day Fixed Deposit (Min. Rs.50,000): Interest rate of 5.25%, suitable for short-term investment.
- 400-day fixed deposit: 6.75% interest rate, which is a special product.
- 3 Month Time Deposit: 6.00% payable monthly.
- 12-month Time Deposit: 6.50% interest rate, standard time deposit product.
- Anagi Women's Fixed Deposits: 7.00%.
- Senior Citizens FD (over 55 years, 12 months): 6.25% interest rate, designed for seniors.
Loan Products
Commercial banks offer a variety of loan products to meet personal and business needs:
1. Mortgage (First Time Home Buyers & Builders)
- Interest rate: 12.0%-14.5% (floating).
- Maximum loan amount: No upper limit.
- Repayment period: Subject to availability.
- Guarantee requirements: real estate mortgage is required.
2. Auto Loan -
Interest rate: 12.5%-14.0%.
- Maximum loan amount: No upper limit.
- Repayment period: up to 8 years.
- Guarantee Requirements: Vehicle mortgage required.
3. Personal Loan -
Interest rate: 12.5%-15.0%.
- Maximum loan amount: Rs 3 lakh.
- Repayment period: up to 10 years.
- Guarantee requirements: personal guarantee or real estate mortgage required.
4. Festival Loan
- Interest Rate: Undisclosed.
- Loan amount: Subject to availability.
- Repayment term: short-term.
- Warranty Requirements: No Warranties.
Flexible repayment options
Commercial banks support early repayment and partial early repayment, and customers can adjust their repayment plans according to their financial situation to reduce interest expenses. Proof of identity (e.g. national identity card) and proof of income are required for loan approval, as well as compliance with anti-money laundering requirements.
list of common fees
Someof the fee structures of commercial banks are as follows:
1. Account Management Fee
- Minimum balance of current account: Rs 1000, failure to meet the requirements may incur fees.
2. Transfer Fee
- Domestic Transfer: May be free of charge (need to consult the bank).
- Cross-border transfers (international remittances): about 2.7% exchange rate difference (refer to market data).
3. Overdraft Fee
- Account Overdraft Interest: Undisclosed, subject to account terms.
4. ATM Interbank Withdrawal Fee
- Non-commercial bank ATM withdrawals: A small fee may apply (the amount is not disclosed).
5. Credit Card Annual Fee
- Free for the first year and INR 700 from the second year onwards (depending on the card type).
Digital Service ExperienceCommercial
banks provide modern financial services through the "ComBank Digital" and "FLASH Digital Banking" mobile apps, supporting iOS, Android and Huawei systems. Core features include:
- Account Management: View balances, transaction history, and bills.
- Real-time transfers: Support domestic and international transfers (SWIFT code: CCEYLKLX).
- Bill Payment: Bill payment for 68 institutions, covering telephone, electricity, water, etc.
- Investment Tool Integration: Support for fixed deposits and insurance investments.
Customer Service Quality
Service Channel
- Phone Support: Call +94 112 486 000 for weekday service, 24/7 support possible in case of emergency.
- Email: info@combank.net.
- Branches: 268 branches offer face-to-face services.
- Social Media: Interact through [Facebook page] (https://www.facebook.com/ComBankSL).
multilingual support
is primarily available in English and Sinhala, with Tamil support possible upon customer request.
security measuresThe
safe
deposit of funds is protected by the Sri Lanka Deposit Insurance Scheme with a maximum compensation of Rs 1.1 million. The bank uses real-time transaction monitoring and SSL encryption technology to prevent unauthorized transactions.
Data security
: Industry-standard encryption and MFA for online banking and mobile apps. Received an "Excellent" rating in the 2023 TechCERT Cybersecurity Drill with no major data breaches reported.
Featured Services & Differentiated
Segments
- Student Accounts:D otCom Debit Card is aimed at teenagers and offers free ATM withdrawal fees.
- Seniors' Only: The Senior Citizens' Savings Account offers a 4.25% interest rate and priority services.
- Green financial products: Green Plus award for supporting the modernization of agriculture through the "Agri Modernisation Village" project.
- High Net Worth Services: Elite Banking offers personalized financial counseling and multi-currency accounts.
Community InvolvementCommercial
Bank is actively involved in education grants (e.g. STEM education) and environmental protection projects, supporting the New Zealand U85KG Rugby Team Tour and the Batticaloa Agricultural Modernization Village project in 2024.
Market Position & HonorCommercial
Bank is the largest private bank in Sri Lanka with total assets of Rs.2.3 trillion in 2023, ranking third in the country. In 2008, it became the first Sri Lankan institution to be listed in The Banker's Top 1000 Global Banks. In 2024, it won the following awards:
- "Best Customer Service Provider Bank – Bangladesh" (Global Business and Finance Magazine)
- "Best Diversity & Inclusion Bank"
- "Best Managed Bank" and "Best Bank CEO" (Sanath Manatunge
).SummaryCommercial
Bank of Ceylon PLC has become a benchmark in Sri Lanka's financial industry with its extensive service network, solid financial position and innovative digital services. Its featured services such as Anagi Women's Banking and green finance programs, combined with strong customer service and market position, make it a trusted financial partner.
