ACLEDA diversifies product offerings

Sok Sophea, senior vice-president and head of marketing of ACLEDA Bank. Supplied

To boost its self-automation banking services as part of its focus on digitalisation, ACLEDA Bank, one of the largest commercial banks in Cambodia, is diversifying its banking products by offering customers a new choice in using banking services.

ACLEDA’s Current Account Plus adds the interest paying benefit of term deposits to a savings account.

Sok Sophea, senior vice-president and head of marketing of ACLEDA Bank, said that customers who open a Current Account Plus will be able to conduct all their daily transactions easily and conveniently via their mobile phones and will receive interest payments on their account balance.

She added that the target market for the Current Account Plus includes individuals, companies and business people. The new account can be designated for the use of riels, dollars or baht.

“Running your day-to-day financial affairs, whether personal, entrepreneurial or involving a specific project, requires efficient cash management. With Current Plus, the bank now provides account holders interest payments alongside all of the convenient features and freedom that our previous current account provided. Customers using the new Current Account Pus will be able to use their liquidity more efficiently and beneficially,” Sophea said.

She also said that now customers will not need to move their balance in their current account to a savings account to earn interest. With Current Account Plus, they will enjoy up to 0.2 percent interest with the balance they have.

Sophea added that another service the bank provides is term deposits. She said ACLEDA’s term deposits are best used as part of an overall investment strategy. Sophea said if customers find they have have balances that remain untouched regularly in their account, that they do not think they will need to use for a few months, they can open a term deposit via the ACLEDA mobile app and receive interest on that amount.

“Once they open a term deposit, the bank will provide interest for the term chosen. Interest rates for term deposits opened via mobile phone are higher than standard ones opened at the bank’s counters,” she added.

With an ACLEDA Bank term deposit, customers will receive an attractive interest rate based on which package they select. There are three to choose from based on when customers wish to receive their interest payments. They can choose to have interest paid every month, at three month intervals or at the end of the term length they commit to. Customers’ term deposits can be held in riels, dollars or baht. The minimum principal amount for opening an ACLEDA term deposit has been set at 2,000,000 riels, $500 or 20,000 baht.

For savings accounts there is no minimum balance required or service fee charged for opening or closing an account and bank cards are free. Customers can use their balances with no minmum balance required to be maintained, unlike some other banks. Customers can enjoy savings acount interest rates of 0.45 percent to 0.5 percent per annum for riels, 0.2 percent to 0.25 percent per annum for dollars and 0.04 percent to 0.05 percent per annum for baht. Khmer Times