NTB launches Nations Kidz Investment Planner

Tuesday, 6 January 2015 00:04 - - {{hitsCtrl.values.hits}}

Every parent wants to give their child the best in life, seeing it as an opportunity to give their children a better life than what they enjoyed. In a world of escalating competition, saving for a child’s education especially, is something on the priority list of every parent – to give their children a head start in life! Saving for your child’s future is made easier now with Kidz Investment Planner from Nations Trust Bank. Not only do you progressively save for a better future for your child, but the investments you make reap greater rewards both in the long and short term.

With Nations Kidz Investment Planner, you can watch your investments grow as your child grows! Nations Trust Bank offers a comprehensive Savings facility for your child that will finance his/her dreams for tomorrow. Parents are able to save a minimum of Rs. 100,000 or a maximum of Rs. 5,000,000 for their children with flexible plans to suit any kind of budget for children ranging from 3 years to 18 years of age. Any Sri Lankan national (a parent or legal guardian of the account beneficiary) who is over 18 years of age, holding a National Identity Card/a valid passport and residing in Sri Lanka is eligible to open a Nations Kidz Investment Planner account. The initial deposit is Rs. 5,000 or the monthly instalment amount for the plan (whichever is higher). There is no minimum balance requirement; however, the fixed monthly instalment must be remitted continuously so that the customer will be able to achieve the full target sum planned for the child. Nations Kidz Investment Planner enables the customer to save a fixed amount monthly and target to accumulate a guaranteed lump sum at the end of an agreed time period. The investment can be made targeting to fulfil future needs (or a specific event/need) of the account holder’s child. Account holders can plan to make an investment of a minimum of Rs. 100,000 or a maximum of Rs. 5 million at the end of the stipulated period, i.e. at the 18th year of the beneficiary child. Plans can be worked out within a minimum of three years up to a maximum of 18 years, i.e. plans must work out to culminate at the 18th year of the child. Account holders are guaranteed a fixed interest rate of 10% per annum (A.E.R.10.47%) and additionally receive a free Life Insurance Cover. The bank will arrange a life insurance cover within two months after opening the investment plan (provided the customer is below 60 years of age). The insurance cover is limited to a maximum of Rs. 2,000,000, irrespective of the amount targeted and is applicable where at the time of demise and/or claim becoming payable the amount in the Investment Plan is less than Rs. 2,000,000. The insurance cover will cease upon the customer reaching 60 years. Additionally a parent or guardian of a child (Sri Lankan national under 18 years of age) can open a Nations Kidz Investment Savings account with a minimum initial deposit of Rs. 1,000. The account has no minimum balance requirement, nor a maintenance fee. The account can be opened only as a passbook savings, with withdrawals permitted for critical requirements such as education and medical emergencies with valid documentation submitted as proof. Customers will be eligible for balance based gifts once the account balance reaches a required threshold or when he/she makes an initial deposit amounting to the threshold. The gifts scheme will be applicable only for children under 15 years of age. A free Life Insurance Cover is also offered with this account, where in the event of an untimely demise of the account holder the difference between the target amount and the capital and interest accumulated in the Investment Plan account will be paid by the insurer. The proceeds from the Investment Account and or insurance will be credited to a Nations Kidz Savings Account opened in the name of the beneficiary child. Commenting on this initiative, Sanjaya Perera, Head of Branches at NTB said, “Children are the future of the country and they are an important segment for us and we will continuously strive to add value to this segment by introducing innovative banking solutions that they could enjoy. We want to give them and their parents, the best return for their investments. Nations Trust Bank will continue from time to time to launch products and services to enhance this proposition on offer to children.” The pioneer who revolutionised banking by offering customers 365-day Banking, Red Carpet Banking, Bank at your Doorstep and Nations Salary Saver, also introduced flexible investment plans for your children. Call 4 711411 or visit your closest Nations Trust Bank branch to find out more details on how you can obtain a Nations Kidz Investment Plan today! Nations Trust Bank PLC is one of the fastest growing banks in Sri Lanka today, operating 89 branches and an ATM network covering 123 locations and is the issuer and sole acquirer for American Express Cards in Sri Lanka.