Seylan Bank PLC Overview
Seylan Bank PLC is a public joint-stock commercial bank in Sri Lanka established in 1987 and headquartered in Colombo. The bank is jointly owned by private and state-owned capital, with major shareholders including LOLC Holdings of Sri Lanka (approximately 51.6%), the Employees Provident Fund (approximately 5.33%), and the state-owned insurance company Life Fund (approximately 3.35%). The Bank has 170 branches in Sri Lanka, covering both urban and rural areas, and has approximately 182 automated teller machines (ATMs) deployed in key locations. Sailand Bank is primarily engaged in traditional commercial banking and operates through its network of branches across the island.
Regulation & ComplianceAs
a licensed commercial bank approved by the Central Bank of Sri Lanka (CBSL), Seyland Bank is regulated by the Central Bank of Sri Lanka and relevant financial regulators. Under the Banking (Special Provisions) Act 2023, all licensed banks are required to participate in the Deposit Insurance Scheme administered by the Central Bank of Sri Lanka. The insurance scheme provides for a maximum payout of Rs 1,100,000 per depositor in a single bank (foreign currency deposits are calculated at the equivalent). In addition, in recent years, Seland Bank has also been exposed in terms of compliance. Sri Lanka's Anti-Money Laundering Financial Intelligence Unit (AML/CFI) has fined him (Rs.500,000 in 2021 for breaching the Financial Transaction Reporting Act and related customer due diligence requirements). Overall, banks generally comply with local laws and regulations, but they have also experienced regulatory penalties and need to continue to strengthen their compliance systems.
Financial healthFrom
the public financial data, the bank has sufficient capital strength and good asset quality. According to the 2024 annual report, the bank's core Tier 1 capital adequacy ratio (CET1) is 14.25% and the overall capital adequacy ratio is 18.59%, both of which are significantly higher than the regulatory minimum requirements. In terms of liquidity, banks' liquidity coverage ratios (LCRs) are also significantly higher than the regulatory floor of 100%: 491% for all currencies and 415% for local currencies. In terms of asset quality, non-performing loans (i.e. Stage 3 loans) accounted for only about 2.10% of the total value at the end of 2024, a significant improvement from 2023 (3.85%). In addition, Fitch, a well-known rating agency, has assigned the Sri Lanka Local Currency Long-Term Issuer Rating of "A+ (lka)" to Bank of Seland, with a stable outlook. In summary, the Bank has a solid capital adequacy, ample liquidity buffer and low non-performing loan ratio, and its overall financial position is stable.
Deposit & Loan
ProductsSelland Bank offers a wide range of deposit and loan products. Deposit products include a variety of savings accounts and time deposits. The interest rate of the current savings account is generally low, such as the "Accelerating Savings" account with an annual interest rate of only 2%~3% (about 3.00% when the balance is higher than Rs 50,000), while the money market savings account offers a preferential interest rate of 5%~6.25% for large deposits (the interest rate can reach 6.25% when the deposit ≥ Rs 1 million). There are many types of time deposits with flexible tenors: Generally, time deposits (interest at maturity) have tenors ranging from 2 months to 5 years, and interest rates range from about 6.25% to 10.50% per annum. Among them, the special product "Shakthi" has a 4-year maturity rate of 10.00%, and the "5-Star" 5-year maturity rate is 10.50%. In addition, for senior customers (over 60 years old), the bank has launched exclusive time deposit products, such as the 5-year "Seylan 5-Star" deposit with an interest rate of up to 11.00% per annum. Products such as the Certificate of Deposit also offer relatively competitive interest rates (around 10.25% for a 5-year term).
In terms of loan products, Seyland Bank provides a variety of loan services such as housing mortgage loans, personal consumption loans, car loans, gold pledge loans, and solar energy loans. Loan interest rates are competitive and flexible repayment options are available. In the case of personal loans, banks advertise their "flexible repayment period (up to 7 years) and preferential interest rates". Home loans and other consumer loans are typically priced based on the amount and term borrowed, with a variable or fixed rate negotiable, which adjusts as market interest rates fluctuate. In general, bank loan services cover a wide range of services and support a variety of repayment methods (equal principal and interest or equal principal, etc.).
Common
FeesCyran Bank charges a variety of fees for account management and transactions. In terms of account management fees, a monthly fee will be charged for a general savings account if the average balance is below the prescribed minimum: for example, a savings account with a balance of less than Rs.2,000 will be charged Rs.100 per month; If the balance of the personal checking account is less than ₹15,000 (₹25,000 for other types of accounts), a monthly service fee of ₹1,000 and ₹1,500 respectively will be charged. In addition, it is important to note that intra-bank transfers are usually free of charge, but there is a fee of INR 25 per CEFT (INR 50 for SLIPS) and Rs 25 per transaction for government-specified fees (e.g. LPOPP). International remittance fees are relatively high: for trade/commodity payments via SWIFT wire transfer, the fee is 1.5% of the transfer amount (minimum INR 10,000) plus SWIFT transfer fee; Personal wire transfers such as education, healthcare, etc., usually have a fixed fee (e.g. Rs 3,000 or 6,000 plus SWIFT fees).
In terms of other fees, ATM withdrawals are significant: Rs 5 for withdrawals from Bank of Seland's own ATMs, Rs 60 per ATM from other banks, and Rs 30 per ATM from LankaPay. Printed withdrawal slips are charged an additional Rs. 5 at our ATMs and Rs. 50 at other bank ATMs. There are also different levels of fees involved in account opening or closing, paper passbooks, cheque books, credit cards, etc., and the above are just the main items. General overdraft fees and overdraft interest are charged according to the loan policy and are not listed separately in the breakdown of daily expenses. Overall, the fee structure of Selan Bank is relatively transparent, and no obvious hidden charges have been found, but customers still need to be careful to maintain a minimum balance to avoid monthly fees.
Digital Service Experience
: The digital channels of Seirand Bank are constantly improving. The mobile banking app (Seylan Mobile Banking) has a rating of about 4.4 on Google Play (2.4 thousand reviews, 100,000+ downloads) and a rating of 3.2/5 (13 reviews) on the Apple App Store, with stable overall user feedback. The app supports biometric login such as facial recognition and fingerprint, and can be bound to an existing online banking account for quick login. The core functions include account balance inquiry, inter-bank/intra-bank transfer (free of charge for local bank transfers, INR 25 per inter-bank CEFT), credit card management, e-bill payment (free bill payment service is provided by personal online banking), application for loan or fixed deposit products, ATM location at outlets, etc. In addition, customers can interact with the bank in a conversational way through "WhatsApp Banking" to get account information and assistance. At present, there is no public information showing that the bank provides AI intelligent customer service or robo-advisory functions, and no open API interface for developers has been found.
In terms of digital channels, Selan Bank also offers personal internet banking and e-channel services. Personal internet banking costs INR 750 per annum, but offers free on-site transfers and free bill payments. In short, Seran's online services have basic functions and are constantly iteratively optimized, but the user evaluation system is uneven, and there is still room for upgrade.
Customer Service Quality
: Seiran Bank provides multi-channel customer service support. In terms of telephone service, its customer service hotline is available 24 hours a day, with a telephone number of +94 11 2008888. In addition, customers can contact customer service through the official website by filling in the live chat, email (info@seylan.lk), WhatsApp, and social media. There are also detailed "Contact Us" and "Complaints & Feedback" pages on the website for customers to submit questions. Customer service staff usually speak English, Sinhala and Tamil to meet the needs of the country's bilingual environment; Some senior customer service or business managers do not have the same level of support for foreign languages such as Mandarin. Regarding the speed of response and the efficiency of complaint handling, the public information does not disclose specific indicators, but the bank's propaganda emphasizes quick response and customer satisfaction, and user reviews are mixed. Overall, the bank has established a well-established multi-channel service system to support different customer groups, but the service experience still depends on the specific contact channels and the quality of customer service personnel.
Safety &
SecuritySeran Bank follows industry standards in terms of safety and security. Its deposits are secured by the Sri Lanka Deposit Insurance Scheme (with a maximum indemnity of Rs.1,100,000), which provides a degree of security for client funds. The bank complies with the central bank's anti-money laundering and customer due diligence regulations, and continuously strengthens its risk control system (although it has been penalized for lack of compliance). In terms of technical security, the bank's digital channels adopt measures such as encryption and multi-factor authentication, and the specific authentication and information security standards are not publicly disclosed. According to some sources, the bank had planned to obtain some ISO certifications (e.g. ISO 9001 certification for trade processing processes) depending on business needs, but there was no evidence that it had obtained information security certifications such as ISO 27001. So far, no major customer information leakage reports have been made public. As a result, banks can be considered operating under the usual security measures and deposits are protected by government-backed insurance, but data security and fraud protection require ongoing investment and transparent disclosure.
Featured ServicesIn
addition to regular products, Selan Bank also offers special services for specific groups or themes. For example, for teen and child customers, there are children's savings accounts such as Tikiri Savings and Teens Savings, which offer additional incentive interest rates to encourage savings. For senior customers, we have launched an exclusive High Interest Time Deposit offer as mentioned above. Banks are also focusing on green finance, offering products such as "solar loans" to support households or businesses to invest in solar power generation equipment. For high-net-worth customers, Seylan Bank has set up a "Priority Banking" service system, namely "Seylan Red" Priority Banking Service, where a dedicated relationship manager provides personalized financial planning. In addition, the bank also offers special loan concessions (such as "Pensioner Loan") and bundled insurance and wealth management services for retirees, teachers and other groups (its affiliated insurance sales arm "Seylan Bancassurance" provides life and property insurance). Overall, Selan Bank has enriched its product line with these unique services to meet the exclusive needs of different customer segments.
Market Position and HonorIn
the Sri Lankan banking industry, Seylan Bank is in the middle ranks, with assets and market share in the top 10, but it is still not as good as the large state-owned banks (such as the Bank of Ceylon, Commercial Bank, People's Bank of China, etc.). In recent years, the bank has received numerous awards in terms of digitalization and marketing, such as "Best Mobile Payment App" in industry awards such as LankaPay (see the bank's release for specific awards). In addition, Selan Bank has won many awards in the digital marketing competitions of domestic commercial banks, such as the "Best Digital Marketing Innovation Award" and "Best Digital Media Team Award" (see the "Award & Recognitions" column on the official website for a list of awards). Although Selan Bank has not yet entered the top 100 global banks, it has gained some recognition in the local market for its strong retail network and sense of innovation.
In summary, as one of the major local commercial banks in Sri Lanka, Salem Bank has a solid network foundation and a stable financial structure, and continues to innovate in deposit and loan products, digital services and customer service. Under the supervision of regulatory authorities, its business compliance continues to improve. In the face of changes in the economic environment, Seland Bank has the ability to support its growth and risk resilience with sufficient capital and liquidity. In the future, banks will continue to rely on digital transformation and differentiated services to enhance their market competitiveness, and strive to obtain more honors in international and domestic awards.
