1 October 2024 02:41 pm Views - 18
DFCC Bank Senior Vice President of Retail Banking and SME Aasiri Iddamalgoda
Since 1955, DFCC Bank has remained committed to transforming the financial futures of Sri Lankans by actively promoting savings. As part of this legacy, the Bank has developed a range of initiatives to support financial literacy, particularly focusing on young savers. In line with World Children's Day 2024, DFCC Bank reaffirms its dedication to instilling strong saving habits from a young age.
The following are excerpts from our discussion with Aasiri Iddamalgoda, Senior vice President of Retail Banking and SME at DFCC Bank PLC.
DFCC Bank plays a crucial role in supporting the financial development of young savers. Savings products like the DFCC Junior and Junior Plus accounts encourage children to develop healthy money management habits early. These accounts offer high interest rates, rewards for academic achievements, and unique gifts, motivating both savings and financial planning in young minds.
DFCC Bank's broader commitment to financial education includes tools and programs designed to help families plan for their children's futures, promoting long-term financial literacy and economic stability. These value-added initiatives instil savings habits and emphasise the importance of financial planning. The Bank's efforts contribute to a financially literate society, supporting economic stability and personal growth, both individually and nationally.
The DFCC Junior Plus Savings Account has been formulated to help parents build up savings for their children's future financial needs with an attractive savings scheme. Offering an attractive interest rate of up to 9% for balances exceeding LKR 1,000,000/- is suitable for long-term savings. A balance starting from LKR 1,000/- will receive an interest rate of 5%, giving small savings steady growth. This account is accessible to a broad category of families, as it requires a minimum deposit amount of LKR 1,000. The account enables parents to ingrain good savings habits in children at a tender age and provides a financial cushion for educational purposes or any future requirement. In line with DFCC Bank's quest to financially educate the masses, the new Junior Plus Savings Account makes it easier for parents to manage their children's future.
The DFCC Junior Savings Account is designed to inculcate good savings habits in children from an early age. This account brings attractive benefits, including gifts and rewards for consistent saving. With the requirement of an initial deposit of just LKR 500/-, it is easily opened and thus made accessible to many families. Schemes such as Grade 5 Scholarship and O/L Examination Rewards provide certain rewards to children, showing visible results of the children's savings efforts. These schemes will, in turn, motivate children to develop the habit of saving and managing their money responsibly. The DFCC Junior Savings Account shapes the future of children's finances by emphasising the need for regular contributions so that children will understand financial management.
Although the DFCC Junior and Junior Plus Children’s Savings Accounts are designed to encourage children to save, they serve various purposes and address different financial goals. The DFCC Junior Children’s Savings Account requires a minimum deposit of LKR 500/- with target regular savings with privileges on scholarships and birthday gifts, making the product ideal for small children. By contrast, the DFCC Junior Plus account offers a better deal: up to 9% for balances exceeding LKR 1,000,000/- making it more suitable for parents seeking to save for more extensive, long-term expenses such as education. The Junior Plus account requires a minimum deposit of LKR 1,000 and targets more significant, future-oriented savings. Both accounts, however, help children develop financial discipline and good savings habits.
DFCC Teen: A product to help teenagers manage their finances for independence. The teen gets a personalised debit card, which would assist in cash withdrawals up to LKR 5,000/- and transactions up to LKR 25,000 per day, with only a minimum deposit of LKR 1,000/-. The account comes with exclusive partner discounts and SMS alerts, which ensure parents or guardians are updated on their teen's spending. It encourages financial responsibility through the provision of e-statements, which would enable a teenager to track his/her spending. The DFCC Teen Savings Account helps imbibe good saving and spending habits in your teenager so that they may gain early independence regarding self-finance management.
The Giftastic October Campaign: To open an account with DFCC Junior and deposit LKR 7,500/- or more during the campaign period, Children will be given an exciting Beyblade as a special gift. From 01st October to 31st December 2024, this promotion grips and motivates junior savers to save today with an unforgettable gift. In addition to this special promotion, all account holders of the DFCC Junior Savings Account are also entitled to standard gifting schemes, which include special gifts, value credit schemes, gift vouchers, e-gift vouchers, and the Junior Rewards Scheme. These are added incentives to bring fun to the kids while inculcating good savings habits.
This aligns with the Junior Plus and Teen accounts at the DFCC Bank, aiming to encourage financial literacy and independence among the younger generation in Sri Lanka. Through saving products with appealing interest rates, rewards, and debit card privileges, the two kinds of accounts teach children and teenagers that it is always prudent to be cautious with savings for a rainy day. With such initiatives as gift schemes, scholarship rewards, and e-statements, DFCC Bank encourages responsible financial behaviour from a tender age. These Savings accounts go in tandem with the more significant commitment by DFCC Bank to ensure that society is financially literate, thus enabling the young with lifelong skills necessary for financial independence and success later in life.
To the children of Sri Lanka: Saving is not putting money aside, but it's building your future. Whatever stage you are at, DFCC Bank will be there for you, offering savings accounts that grow with you, with rewards, high-interest rates, and tools to help you manage your finances.
DFCC Bank believes in every child's potential; hence, our Junior and Teen accounts make it easy and fun to start saving early, putting you well on your way to financial success.