Union Bank steps up value for deposit holders

Union Bank launched the ‘Save & Win” promotion in September 2011 with the objective of further building its savings base and increasing the bank’s customer base.

The promotion offers cash prizes up to Rs. 1 million to 100 winners at the year end-draw to be held after 31 December 2011.

“The draw offered through the bank’s savings accounts which pay highly competitive interest rates have attracted many new customers,” said Thishani Dissanayake, Chief Manager Marketing of Union Bank.  

She further highlighted that Union Bank’s interest rates for savings and fixed deposits are some of the highest in the market currently. Union Bank offers savings customers across all segments a range of highly competitive products.

The bank’s premier savings account ‘Ultra Saver’ pays 7% p.a.  This rate is applicable for any amount saved in the account without conditions. An Ultra Saver account can be opened with a minimum deposit of Rs. 5,000.

Union Bank’s ‘Piyawara’ minor savings account which can be opened with an initial deposit as low as Rs. 250 pays an interest rate of 10% p.a., which is the highest interest for minor savings. Striving to provide a solid foundation for a secure future for children is imperative to the bank, hence a high rate of interest provides parents and guardians the opportunity to save more for their children’s future. In addition attractive gifts are also offered at the time of opening.

‘Ruweththi’ is a unique savings account and a total financial solution for women offering not only an attractive rate of interest but a host of value added benefits such as personal loan facility, a free current account and lower interest rates for pawning and leasing.  

Union Bank is continuously innovating on its product offering as well as promotions and we want a large number of customers to benefit from our promotions, hence the new savings promotions was devised to offer winning chances to a larger number of customers. The eligibility criteria have been kept simple and require Rs. 25,000 in a savings account or Rs. 15,000 in a current account for a minimum period of one month. The draw also offers multiple winning chances to customers who save more for longer periods.

The bank is rapidly growing its branch network enabling a wider spectrum of customers the opportunity to access these products and benefits and is continuously upgrading its service standards to provide superior service delivery.

Union Bank is a preferred bank for the Small and Medium Enterprise (SME) and retail banking sectors.  It has a branch network of 26 branches including seven in the north and east. The bank expects to open several new branches shortly, including in Kadawatha, Ratnapura, Dambulla and Anuradhapura.