Union Bank Punchi Pathum supports to fund children’s necessities before they turn 18

Union Bank of Colombo Plc (UBC) has announced that launch of ‘Punchi Pathum,’ a unique savings account for children.

It allows the flexibility to withdraw money in several stages for necessities of children as and when they arises before the child reaches 18 years.

Spokesperson for the bank’s Marketing division stated that the new account is designed to provide ease and convenience to parents and guardians in meeting their children’s needs such as educational expenses. With Union Bank ‘Punchi Pathum’ one need not wait until the child turns 18 to withdraw funds to attend to their necessities.

It allows withdrawal of 25% of the account balance at two stages (up to a maximum of Rs. 100,000) and on a yearly basis you can withdraw the accrued interest (up to Rs. 15,000) thereby providing the means to meet the child’s expenses such as schooling expenses including admission, booklists etc., as and when they arise.

She further stated that the account pays the highest interest rate of 10% per annum on the savings and in addition to a 10% bonus interest if funds have not been withdrawn before the child turns 18 years.

Children are an integral segment of the bank’s customer portfolio and its imperative to UBC to support their future and act in their best interest. Hence Union Bank ‘Punchi Pathum’ is yet another step in this direction.

Union Bank is one of Sri Lanka’s fastest growing banks focusing on the Small and Medium Enterprises and retail sectors. Union Bank is forging ahead as a key player in the banking industry in Sri Lanka and has a branch network of 35 branches.