Bank of Ceylon launches another ‘first’ with 3G Savings
Wednesday, 14 August 2013 00:00
-
- {{hitsCtrl.values.hits}}
First Sri Lankan bank to provide a facility for saving among three generationsto shop and spend
In celebration of its 74th anniversary, the Bank of Ceylon in August launched ‘3G Savings’ – a novel experience and another ‘first’ in the Sri Lankan financial industry.
This unique saving method, ‘BOC 3G Savings,’ allows a customer to link three generations of a customer’s family (the ‘3G’ concept) – customer’s parents, children and him/herself and to save when the customer shops and spends. This allows a customer to save and set aside money to care for a customer’s loved ones.
This specific feature could be activated to a customer’s account through any BOC branch and customers could make deposits from their current or savings accounts to any BOC savings account, especially BOC Ran Kekulu children’s savings account: promoting savings for future generations; and BOC Senior Citizens account: Promoting the Sri Lankan tradition of looking after parents and the elderly. This facility could be useful to donate funds to charities etc those who needs financial support in a small way.
Any customer who maintains a savings or current account with BOC and possesses a BOC Debit Card is eligible to register for this unique facility. This unique product gives the opportunity to care for their parents and as well as their kids as they shop with BOC Debit Card.
This is a concept of ‘saving while spending’ and facilitates the customer to make a savings build up for their children or to make some money available for parents, in small sums without much effort or becoming a burden on their pockets or their busy schedules. Also this promotes the cashless society by promoting customers to use the cards for their transactions.
‘3G Savings’ is operated as follows. When a customer purchases goods or services by using his/her BOC Debit Card, the purchased amount will be debited to the account immediately and afterwards the amount would be rounded up to the nearest Rs. 100 or its multiples as decided by the customer at the registration (pre-defined values for the rounding up are as Rs. 100, Rs. 200, Rs. 500 or Rs. 1,000). Then the difference between the rounded up amount and shopping bill would be sent to accounts nominated by the customer at the registration. Under this scheme, the minimum transfer amount is Rs. 10.
Alternatively, a customer has the choice to decide on a fixed amount to be transferred to the desired account as well. In that case the debit card transaction would be debited as usual and when the transaction is completed the decided amount will be transferred to the desired account on the following day. This is confined to accounts maintained in Sri Lankan Rupees.
This novel concept has been introduced by Bank of Ceylon, Asia’s Best Brand and Sri Lanka’s No. 1 Bank to help the customers to care for their loved ones as they shop with BOC Debit Card.
Brand Finance Lanka ranked Bank of Ceylon as the No. 1 brand for the last five consecutive years and the bank is also ranked among the top 1,000 banks in the world above all other Sri Lankan banks (country ranking is No. 1) by ‘The Banker’ magazine UK in 2013.
BOC has penetrated half of the population in the country with 10 million account holders with over 1,000 customer touch points covering all parts of the country. Bank of Ceylon is the only bank in Sri Lanka with an asset base of over Rs. 1 trillion and is the market leader in the banking and financial services sector in Sri Lanka.
