Tuesday, 3 September 2013 00:00
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Offers double interest and a free life insurance cover
Bank of Ceylon, Sri Lanka’s No. 1 bank, recently introduced new features to the ‘Ran Ulpatha’ regular saver’s account, bringing multiple benefits to its valued customers.
This encompasses many value additions making the product more attractive to customers. The minimum initial deposit has been reduced from Rs. 1,000 to Rs. 500. Withdrawals are also now permitted, with a maximum of three withdrawals within 90 calendar days of the last withdrawal. These changes would allow a wider range of customers to open ‘Ran Ulpatha’ accounts, especially those who were not able to meet the initial deposit amount or the withdrawal restriction earlier.
The applicable interest rate is 2% over the interest rate offered on normal savings accounts. Adding further value to the product, a 10% bonus interest is offered on the interest earned, if there are no withdrawals and at least three deposits were made each with a minimum amount of Rs. 100 during a quarter. Now customers can earn a premium interest from ‘Ran Ulpatha’ regular saver’s account.
Moreover, the account holders are eligible for a free life insurance cover, giving a solid foundation for a secure future. A minimum balance of Rs. 10,000 for a continuous period of six months has to be retained in the account to qualify for this privilege and will be entitled for 10 times of the account balance up to Rs. 500,000.
BOC Deputy General Manager Product and Development Banking Senarath Bandara stated: “This is a special savings scheme which brings in the concept of ‘Seettuwa,’ a well known mode specially practiced by the rural masses to fulfill their investment or other essential needs.”
He further stated: “‘Ran Ulpatha’ allows customers to make a regular saving with an affordable amount from their hard earned money and earn a higher return for the savings build up. The product, which is characterised with savings and investment features, is ideal for regular income earners, salaried employees, the self-employed as well as irregular income earners to establish their income.”
The account holder has the opportunity to decide the monthly deposit with any amount higher than Rs. 100 and it could be made by means of cash deposits, standing order or through e-banking facilities.
This product was launched in line with the 73rd anniversary which was held in August 2012 and new features were added coinciding with the 74th anniversary of the bank, in appreciation the enthusiasm shown by customers of this product.
The bank’s customers can avail themselves of the benefits offered under the ‘Ran Ulpatha’ regular saver’s account by opening an account at any of its 610 branches across the network.
The Bank of Ceylon was awarded Asia’s Best Brand award 2013 by the Chief Marketing Officer’s Council (CMO Council) based in Mumbai, India. 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 1000 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 and is the only Sri Lankan bank with international presence (Chennai, Male and London). 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.
