Union Bank launches 55 plus Fixed Deposit scheme for senior citizens

Thursday, 6 October 2011 00:00 - - {{hitsCtrl.values.hits}}

Since its inception Union Bank of Colombo PLC (UBC) has been synonymous for launching many firsts to the banking industry in Sri Lanka. Adding to its list of innovative banking products UBC launched the “55Plus” Senior Citizens fixed deposit bundling together the benefits of a high monthly interest and the unique value addition of paying 3 months interest upfront incase of an emergency to customers.

Highlighting on its latest innovation Union Bank’s, Senior Manager, Deposit Mobilisation Malinda Perera says that this unique product addresses 2 key area with regard to senior citizens the need to have an attractive interest rate of 9.5% monthly that recompense for a reasonable monthly income and a convenient avenue to cash at hand in case of an emergency with an opportunity to withdraw up to 3 months interest upfront thus ensuring “peace of mind” for all senior citizens. The benefits are available for all 2 year fixed deposits. Senior citizens are an integral part of the bank’s customer portfolio and offering products and services to meet their financial needs is an imperative to UBC.

With “55plus” UBC offers senior citizens an opportunity for an investment avenue which is safe with a bank with sound financial solidity (Fitch rating BB+(lka) & RAM rating BBB-P3) and the attractive interest rate of 9.5% monthly which is one of the highest in the market, provides senior citizens an opportunity for higher regular income. Our superior service delivery ensures that they avail themselves to these benefits at par excellence customer care and efficiency hence even in an emergency access to cash will be with no hassle. The product is available to all customers who are 55 years of age and above with a minimum deposit of Rs. 200,000.

Union Bank’s fixed deposits clearly provides the bank a competitive edge as UBC interest rates for fixed deposits have been the highest in the market and has enabled the bank to attract many new customers as well as increase the level of business from its existing customers. Currently, the bank offers attractive rate of 7% plus for short term deposits such as 3 months as well as a high rate of 9.5% plus for one year deposits.

Union Bank is indubitably one of Sri Lanka’s fastest growing banks with a strong share holder strength that boasts of both high profile, local and international investors. A directorate consisting of a unique and diverse combination of local and international professionals led by Chairman, Ajita De Zoysa, a strong financial position supported by a comprehensive product portfolio, cutting edge technology, rapidly expanding branch network and superior service delivery has enabled UBC to emerge and forge ahead as a power house in banking serving the SME and retail sectors in Sri Lanka.