With cash gifting reaching a peak at the ‘Avurudu’ season, the Commercial Bank of Ceylon has launched a promotion to encourage children to save the cash they receive in the Bank’s popular savings schemes for minors.
The Bank has announced that all customers who open new ‘Arunalu’ Children’s Savings Accounts or ‘Isuru’ Minors’ Savings Plans in April and May 2023 will be presented with an eco-friendly till, to motivate them to save conveniently without having to visit a branch.
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 receive a durable till made out of metal instead of the customary plastic, 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 up to Rs 12 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 starting from Rs 5,000.
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.
Both Arunalu and Isuru Minors Savings Account holders who maintain a minimum balance on the day the Year 5 scholarship examination results are released and are placed first, second or third in their schools receive cash prizes of Rs 10,000, Rs 7,500 and Rs 5,000 each respectively.
Additionally, Commercial Bank conducts an annual online art competition titled ‘Arunalu Siththam’ under the Arunalu banner for children between the ages of four and 16 country-wide, and has in the past three years rewarded hundreds of winners with millions of rupees in cash prizes and merit certificates.
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 12 years consecutively, Commercial Bank operates a network of 270 branches and 950 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 20 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.