The Commercial Bank of Ceylon has announced that all customers who open new ‘Arunalu’ Children’s Savings Accounts or ‘Isuru’ Minors’ Savings Plans in April and May will be rewarded with a gift, adding further value to the benefits the account holders will enjoy during and beyond their childhood.
The promotion for the Bank’s popular children’s accounts is intended to generate fresh interest in these savings options and to encourage parents to save for a better future for their offspring, the Bank said.
Children and parents who sign up for either of these savings accounts between 1st April and 31st May with an initial deposit of Rs 1,000 or more will have the choice of a gift of an eco-friendly and durable till made out of metal instead of the customary plastic, or a valuable book on how to raise toddlers in their first three years.
The handbook on raising toddlers is authored by Dr. Upali Marasinghe, a veteran gynaecologist in Sri Lanka, and is available in both Sinhala and Tamil, the Bank said.
The flagship children’s savings account of Commercial Bank, ‘Arunalu’ offers a higher interest rate for Children’s Savings Accounts and can be opened at any of Commercial Bank’s branches with a minimum deposit of Rs 100.
The Isuru Minors’ Savings Plan includes both a monthly deposit and a lump sum deposit scheme and guarantees amounts of up to Rs 6.5 million upon the child reaching 18 years of age. Under the monthly deposit option, Isuru accounts may be opened for children who are between one day and ten years old, and parents may choose to save between Rs 500 and Rs 20,000 in multiples of Rs 500 a month, for five or ten years. Under the Isuru Lump Sum Deposit Scheme, parents can make single lump sum deposits between Rs 5,000 and Rs 1,000,000.
In the event of the unfortunate demise of the depositor during the agreed period of deposit, the Bank will deposit the balance amount and assure the payment of the guaranteed amount when the child turns 18 years.
Arunalu and Isuru Minors Savings Account holders who maintain a minimum balance of Rs 5,000 in these accounts on the day of the Year 5 scholarship examinations, have passed the examination and are placed first, second and third in their schools receive cash prizes of Rs 10,000, Rs 7,500 and Rs 5,000 each respectively.
Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 11 years consecutively, Commercial Bank operates a network of 268 branches and 938 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.