High achievers at this year’s Year 5 scholarship examination can win millions of rupees in cash prizes if they are holders of Commercial Bank ‘Arunalu’ Children’s Savings Accounts.

Sri Lanka’s largest private bank has announced that it will once again reward students placed first, second or third at the national, district or school levels, through its three-tiered scholarships scheme implemented via the Arunalu Children’s Savings Account.

Intended to inspire young students and emphasise the value of good education, Commercial Bank’s Arunalu Savings Account will pay up to Rs 382,500 to the top three scorers island-wide at the 2016 Year 5 Scholarship examination, due to be held in August, if they have Arunalu accounts in their names.

On this basis, the student or students placed first will each receive up to Rs 170,000 in monthly instalments of Rs 2,000 till the age of 18. Similarly, students placed second in the island will receive up to Rs 127,500 in monthly instalments of Rs 1,500, while those placed third in the island will receive upto Rs. 85,000 in monthly instalments of Rs. 1,000 each, the Bank said.

Additionally, Arunalu account holders ranked 1st in their respective districts at the examination will receive upto Rs. 50,000 if they are Arunalu account holders, and account holders who are placed first, second and third in their schools will receive cash prizes of Rs 10,000, Rs 7,500 and Rs 5,000 each respectively.

“Besides the motivational aspect of the Arunalu scholarships programme, these cash payments can tangibly help students and parents cope with the rising costs of education,” Commercial Bank’s Deputy General Manager Marketing Hasrath Munasinghe said, disclosing that in 2015 alone, the Bank paid out Rs 5.5 million under the scheme to 675 students placed first, second and third in their schools at the Year 5 scholarship examination. 

This was in addition to the cash rewards paid to eight students who were placed first, second and third in the island at the examination, he said. “Education is one of the principal areas of focus in our community commitments every year, and the Arunalu cash prizes complement those initiatives,” Munasinghe added.

In the four years from 2012 to 2015, Commercial Bank paid a cumulative Rs 21.2 million in cash prizes to Arunalu account holders that excelled at the Year 5 Scholarship examinations.

The minimum requirement for Arunalu account holders to be eligible to receive these cash prizesis a balance of Rs. 5,000 or more in their Arunalu accounts by the date of the Scholarship examination.
An Arunalu Children’s Savings account can be opened at any of Commercial Bank’s 250 branches with a minimum deposit of Rs. 100. The Arunalu account can be converted to one of the Bank’s many other savings accounts when the child reaches the age of 18, making the account holder eligible for a Commercial Bank debit or credit card, as well as to apply for personal loans for educational purposes.