ETI Finance heralds gold coins for Avurudu

By Rashika Fazali

Edirisinghe Trust Inves-tment (ETI) Finance Limited launched a new investment  proposition in line with the Sinhala and Tamil New Year with the introduction of ‘ETI Avur-udu Ran Wasi’ that will gift

customers with a quater sove-reign of gold for fixed deposits of Rs. 50,000 and above until the end of the month, including an attractive interest rate of 10% as well. 

This investment proposition was launched at the ETI premises yesterday by First Lady Shira-nthi Rajapakshe who gave away the first gold sovereign to the first customer of the promotion Dr. Siriwardene. 

The ETI Avur-udu Ran Wasi also provides another plan where deposits of Rs. 30,000 for a period of 60 months are eligible for a gold coin however with no interest given. Nonetheless, depositors get additional coins for every additional deposit of Rs. 30,000 and Rs. 50,000. 

The purpose of such an investment proposition is to enable customers to view the receiving of the gold sovereign as a very profitable investment. There has been tremendous growth in the value of gold over the years with a 107% gold rate increase from 2009 up till now. A gold sovereign in 2009 was valued at Rs. 27,990, while that same gold sovereign today is valued at Rs. 58,000.

With this in mind, ETI launched the investment plan where the 60 month fixed deposits of Rs. 50,000 are entitled to a 10% interest rate as well. Similarly, 15 month deposits of Rs. 250,000 will be entitled to the 10% interest as well.

Deputy Minister of Finance and Planning Sarath Amun-ugama who graced the occasion, stated that Sri Lanka was earlier known as the country that saved the most in Asia, adding that this is not the same anymore.

He said: “However today the level of savings has decreased in the country and this is not a good sign. Because of this, our financial institutions must restart programs to promote savings.”

He noted that what must take place is a balancing act of saving and borrowing money with protection given to both parties. He added: “If we cannot balance this we need to borrow from other countries. Those who oppose the idea of borrowing from international sources must help strengthen the savings within the country. Other banks must also look at this and come up with new ways of encouraging people like this to support savings.”

Also at the occasion was film personality Jackson Anthony who stated that all aspects of finance rely on trust, which EAP Group of Companies is well known for. 

The Ran Wasi promotion will also provide a consolation prize of an umbrella for every deposit of Rs 100,000 and above. An additional 1% interest will be offered to senior citizens this Avurudu season. These special offers will only be valid till the 30 April.