1 October 2024 02:18 pm Views - 15
Commercial Bank has always encouraged saving as a part of the lifestyle in Sri Lankans and therefore, has introduced several savings schemes that are customized for clients and their varied levels of income. However, out of these, the ‘Arunalu’ Children’s Savings Account, the ‘Isuru’ Minors’ Savings Plan and the Dotcom Teen Accounts can be seen as the ones that have gained both momentum and popularity in the recent past.
The Arunalu Children’s Savings Account offers an attractive interest rate, and the account can be opened with a minimal deposit of just Rs. 100 means that anybody with any level of income can open up this account for the betterment of the future of their little ones. This account is perfect for any child below 18 years of age and has no limit on the deposit amounts. A pass book will be issued by the bank for the said account and upon the child reaching maturity at 18 years of age, they can choose to transfer this account an account of their choice.
Sri Lankans who want to save in foreign currency for their children's future or those who receive foreign currency remittances are now given the opportunity to save in foreign currency in Commercial Bank's Arunalu Children's Savings Account. This service facilitates the seamless payment of expenses related to overseas education or healthcare using foreign currency while offering an enhanced interest rate.
Extremely popular among parents right now is the Isuru Minors’ Saving Plan due to this plan allowing a rather significant amount of money to be saved for their children. The most suitable deposit scheme for parents looking to save for their children can be chosen from two options: the Isuru Monthly Deposit Scheme and the Isuru Lump Sum Deposit Scheme. The Isuru Monthly Deposit Scheme allows for monthly deposits between Rs. 500/ and Rs. 20,000/- or any amount in multiples of Rs.500/-. The duration of this deposit can be 5 or 10 years.
On the other hand, the Isuru Lump Sum Deposit Scheme allows a customer to deposit a single lump sum starting from Rs.5000/-. A considerable return can be received when the child reaches the Age of 18 years. In the unfortunate event that the depositor is deceased or disabled within the agreed period of the deposit, Commercial Bank will take complete care of the monthly deposits and ensure that the entitlement certificate for the guaranteed amount is issued. After the child has reached 18 years of age, they will be able to present the Isuru entitlement certificate to the bank and be eligible to collect the full amount of money.
In addition to the above mentioned accounts and plans, the bank has also introduced the Dotcom Teen Account which is aimed at the teen of the country ranging from 10 – 18 years of age. With the help of this account, children will have the opportunity to manage their own finances while maintaining a track of all the transactions. This not only allows them the ability to save, but also teaches them responsibility and prudence with the handling of finances. Children can learn what financial literacy is under the care and guidance of their parents and guardians, while enjoying the many benefits that Dotcom offers. Holders of Dotcom Teen Account are provided with a Debit Card that works on Near Field Communication (NFC) Technology and will also be eligible to use online banking facilities, without the need to make an extra payment. What’s more? The Dotcom Teen account offers all its users a higher interest rate than that offered otherwise.
Commercial Bank also offers unique services and accounts designed to cater to the needs of senior citizens and pensionary government employees.
Udara Senior Citizen Account is specifically designed for senior citizens. The primary aim of this account is to provide maximum financial protection and convenience to senior citizens. This account offers competitive interest rates to help seniors grow their savings. The account has special features and services that make banking easier and more accessible for seniors. Senior citizens can enjoy the peace of mind that comes with knowing their financial needs are being prioritized.
Commercial Bank is committed to meeting the specific financial needs and requirements of the all important segments, children & senior citizens. By offering specialized accounts with attractive interest rates and tailored benefits, it aims to provide valuable financial solutions that cater to the unique circumstances and priorities of senior citizens and government pensioners. This approach reflects the bank's dedication to customer-centric banking services.
Sri Lanka’s first 100% carbon neutral bank, Commercial Bank is the largest private sector bank in Sri Lanka and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. The Bank is the largest lender to Sri Lanka’s SME sector, and is a leader in digital innovation in the country’s Banking sector. Commercial Bank operates a strategically-located network of branches and 974 automated machines island-wide, and has the widest international footprint among Sri Lankan Banks, with 20 outlets in Bangladesh, a Microfinance company in Nay Pyi Taw, Myanmar, and a fully-fledged Tier I Bank with a majority stake in the Maldives.