People Bank unveils Relax Savings Planner for youth

Friday, 15 August 2014 00:53 - - {{hitsCtrl.values.hits}}

By Waruni Paranagamage People’s Bank yesterday launched a unique savings plan for youth that ensures a stable future and a peaceful retirement. As the bank that has brought unparalleled financial solutions to the customers of Sri Lanka for over five decades, People’s Bank took pride in introducing the Relax Savings Planner, with a vision to brighten the future retirement of today’s youth. Through the valuable savings planner, the bank will build a retirement fund with the savings and offer retirement benefits from a pre-designated age of the customer’s choice. The Relax planner offers a higher interest rate than a regular savings account. Anyone between the ages of 18 and 65 can open a People’s Relax Savings Planner and start enjoying its retirement benefits. People’s Bank Chairman Gamini Senarath said that the bank has been with customers for their entire life and has introduced various accounts. “Many of those in the younger generation don’t think about their future financial stability but they must ensure their future from the start and must build a financial plan to face retirement,” he said. He further stated that Sri Lanka has a rapidly ageing population and a savings plan will decrease their dependency on the younger generation in the future. The account holder is given the choice of receiving a lump sum retirement fund or a monthly income during a period of their choice. The method of receiving a monthly retirement allowance and the duration can be decided at the time of opening the account. The retirement fund should be built by periodically depositing savings until reaching the agreed age of retirement. A special feature of the planner is that even in the event of failing to deposit money on a particular month, the holder can continue the deposit from the following month. The balance of the Retirement Gratuity Fund, Employee’s Trust Fund or Employee’s Provident Fund can be deposited as a lump sum to open the account. The retirement fund will grow depending on the amount of monthly deposits and the monthly interest gained. The bank has introduced alternative interest rates, benefit ages and benefit values for the account holders as well. It can be opened at any of the 735 People’s Bank branches island-wide. The customers who are credited their salary or income to an account at People’s Bank or any other bank, can set up a standing order from that account to the People’s Relax Savings Planner. Apart from that, the saver can transfer funds from any account to the People’s Savings Planner at anytime from anywhere through People’s mobile banking and internet banking. If opening a Relax account while in a foreign country, the saver can simply submit a duly filled and signed Relax account application along with the copy of the required papers. Central Bank Governor Ajith Nivard Cabraal and other distinguished officials of the People’s Bank were present at the event. Pix by Lasantha Kumara Rupee firmer on exporter dollar sales Reuters: The rupee ended firmer on Thursday as exporters sold dollars after forward premiums gained over the past few days amid downward pressure on the currency, dealers said. But two State banks, through which the Central Bank usually intervenes in the market, bought dollars at 130.16 to prevent sharp gains and excessive volatility, dealers said. The rupee ended at 130.16/19 per dollar, firmer from Wednesday’s close of 130.19/22. It fell to a two-week low of 130.26 per dollar during early trade Wednesday. Dealers said the rupee was pressured by importer dollar demand ahead of the 2015 Budget in November and sale of Government securities by foreign investors, adding the outflow may increase further if interest rates came down further. Yields on Treasury bills fell 9-14 basis points at a weekly auction on Wednesday with the one-year T-bill yield falling below the 6.50% rate at which the central bank mops up liquidity from commercial banks. The rupee has risen 0.51% this year despite heavy dollar buying by the Central Bank. This has led to lower market interest rates due to higher rupee liquidity. Currency dealers expect imports to pick up before the 2015 Budget in November, when the Government is widely expected to deliver a fiscal stimulus package ahead of a possible presidential election early next year.