Pan Asia Bank promotes habit of saving among children

Pan Asia Bank is steadfastly committed to encourage Sri Lankans to save for a better future. And what better way to make it happen than start with our children? With an array of fantastic gifts with Mithuru Max or a 10% bonus deposit for every deposit with ‘Daskam,’ Pan Asia Bank has not only differentiated children’s savings accounts from other children’s savings products, but has also begun to instill in their young minds the importance of saving.

‘Daskam’ children’s savings account aims to be a pillar of strength to a child when he/she enters adulthood and takes on life’s challenges such as higher education, marriage, etc. The account offers a unique “deposit for deposit” feature that enables its balance to grow in greater proportions. Under this feature, every deposit made by the customer to the account will be rewarded by the bank with an additional deposit worth 10% of the customer deposit.

In addition, for faster growth of the account balance, Pan Asia Bank then pays an unbeatable annual interest of 8% (AER 8.33%) on the total balance. The interest is calculated on a daily basis and credited to the account at the end of each month. For example, if a customer deposits Rs. 100,000 to a ‘Daskam’ children’s savings account, the bank will make an additional deposit of Rs. 10,000 to that account immediately and begin to calculate interest at 8% (AER 8.33%) on the total balance of Rs. 110,000.

The benefit of receiving an additional 10% deposit from the bank is valid for any number of deposits until the child turns 12 years of age. 

At the core of ‘Daskam’ children’s savings account is Pan Asia Bank’s ambition to provide a stable financial foundation for children when they turn 18, at which point they need to support for their higher education dreams, etc. 

Pan Asia Bank Assistant General Manager Branch Credit and Deposit Mobilisation Shiyan Perera said: “With ‘Daskam’ children’s savings account, we have empowered parents to make a responsible choice for their children’s future that would help them face life’s challenges with confidence and reach their full potential.”

Meanwhile you can also gift your child a Mithuru Max Savings account which can be opened with a minimum deposit of Rs. 500, and all children below 13 years of age are eligible to receive gifts based on their account balance in the following manner: Rs. 1,000: Savings till; Rs. 2,000: Pencil box; Rs. 5,000: Lunch box and water bottle; Rs. 10,000: School bag; Rs. 25,000: Kids’ scooter or smart watch; Rs. 50,000: Remote controlled helicopter or Bluetooth speaker; Rs. 100,000: Wi-Fi drone or bicycle; Rs. 250,000: Self-balancing scooter or tablet device; Rs. 500,000: Sony Play Station 4 (PS4) or voucher for a laptop.

In addition to the exciting gifts, children will also benefit from high interest rates of up to 6% p.a.

Furthermore, all existing Pan Asia Bank ‘Mithuru’ accountholders also will be eligible to receive these exciting gifts going forward, as their account balances grow. 

The gift for deposit slabs up to Rs. 50,000 can be directly collected from any Pan Asia Bank branch and there onwards, a voucher will be issued from the bank where the respective gift item can be collected from a partner outlet. 

In addition to encouraging children to save for the future with these two accounts, Pan Asia Bank announced that it will also offer attractive cash prizes based on the account holder’s performance at the Grade 5 Scholarship Examinations. 

Accordingly, students placed first, second and third in the island will be awarded cash prizes of Rs. 100,000, 75,000 and 50,000 respectively. Further, the top five students in each district will each win Rs. 10,000. All prizes will be credited to their Mithuru Max or Daskam accounts, further boosting their account balances.