BOC makes millionaires through NRFC Raffle Draw

BOC – the Bankers to the Nation, with an international presence for over seven decades has already commenced making millionaires through its NRFC Raffle Draw and the Deputy General Manager (International and Treasury) of the BOC H. M. A. B. Weerasekera shared some details about the enticing NRFC Raffle Draw. Given below are excerpts of the interview.

Q: We have observed that the BOC has taken a keen interest in fostering NRFC deposits while offering improved benefits to the NRFC account holders. What are the reasons behind this interest?



A: For the development of a country, foreign exchange is an essential factor. There are two major modes of receiving foreign exchange to our country — one is through export earnings, and the other is through the remittances received from our migrant employees abroad. The country has focused more on remittances because of its macroeconomic importance. BOC also pays special attention to NRFC account holders, due its role as a responsible bank in assisting to uplift their lives and their families. We understand the difficulties our migrant employees encounter when remitting their hard earned monies to the country. Some were victimised at the hands of bogus remitting agents. We pioneered in salvaging these innocent people by introducing convenient NRFC accounts in February 1977 and we are proud of this initiative. The confidence placed by the migrants on the BOC NRFC over the decades is reflected by the continued leading position in the inward remittance market share in the country.

After considering the latest developments in remittance business, a series of remittance modes enabled by modern information technology have been utilised  by the bank such as BOC e-cash, Xpress Money, MoneyGram, Coinstar, Ez-remit, Telemoney and of course SWIFT.



Q: Is there a specific reason for starting a raffle draw with attractive prizes?



A: Yes, our brothers and sisters who are employed abroad are considered assets to the country. Therefore we have to appreciate them. We have to honour their commitment, and give proper guidance and advice to them on how to improve and enhance their savings for a better tomorrow. With all these in mind, we started NRFC Raffle Draw to give away prizes worth millions as an additional benefit apart from interest payments.



Q: Could you elaborate further on the NRFC Raffle Draw?



A: We give away one million rupees as the first prize at the quarterly draw; 20 second place prizes of Rs. 50,000 each, and several third prizes of Rs.25,000 are also included in the draw. NRFC account holders who maintain $5,000, $1,000 and $500 in their accounts for a period of one month as at end of the relevant quarter. (30 June 2010, 30 September 2010, 31 December 2010 and 31March 2011) are eligible for the Raffle Draw. It is a simple process.

Furthermore, if a customer maintains $5,000, he is also eligible for the Super Draw prize of one million rupees continuously throughout the quarter. The account holder will get three chances when the amount is $5,000, multiples will get additional chances too.  The monthly Raffle Draw is open to NRFC deposit holders with a minimum balance of  We will give away 50 prizes of Rs. 10,000 each (in July, August, October, November in 2010 and January and February in 2011); minimum balances in equivalent designated foreign currencies are also eligible for the draw.



Q: What are the other benefits offered to NRFC account holders?



A: Of course we offer special benefits to NRFC account holders from the day the account is opened with us. Remittance proceeds are credited to NRFC accounts free of charge. Loan or overdraft facilities against NRFC account balances are arranged immediately at request. Deposits will get exemption on interest earned in foreign currency as well. The BOC is a secured State Bank and is a government owned bank.

We issue an electronic visa card to all NRFC account holders to allow them to withdraw money from ATMs anywhere in the globe. There are about 25 BOC representatives deployed in several countries to facilitate remittances of our migrant employees.

Above all, the most important benefit to a NRFC account holder is the Life Insurance Cover of Rs. 1 million for which the account holder does not need to pay a premium.

The special type of account called the NRFC Ran Kekulu can be opened in a child’s name with bonus interest in addition to the normal interest.  Prospective migrant employees for designated countries are offered pre-departure loans to cover up their preparation expenses. During the tenure of the employment, account holders request fund transfers which are granted and utility payments are arranged. Applications for loans can be channelled through our representatives abroad. As per the latest revision of exchange control regulations, any of the family members can deposit foreign currencies in NRFC accounts.

Another advantage offered is that when withdrawals are made, a favourable exchange rate is applied, one which is higher than that for foreign currency note transactions. Relatives of migrants expecting 6 remittances can also open RFC accounts.

When the migrant employees return to the country, they can obtain loan facilities against their deposit for the funding of self-employment, start-up businesses, purchase of land, construction of houses etc. If they need further loans, the bank would be happy to extend such facilities under the available schemes.



Q: What are the new facilities or benefits that you plan to offer NRFC account holders?



A: The internet banking facility is already in place. Once registered with BOC, they can view their accounts, obtain a copy of account statement and even transfer funds to another account in his name. Transfers from the account to third party accounts are also possible. The ‘Paymate’ system introduced recently enables customers to make their utility payments by SMS. However it is currently available for SLR account holders only. We hope to arrange a ‘Payment Gateway’ to facilitate transactions through ATM machines globally.



Q: Do you have plans to expand and enhance NRFC deposits in your bank?



A: Yes we have had the privilege of branching out from our BOC (UK) Ltd, subsidiary in Europe. Further measures are being taken to open branches in Tuticorin and Coimbatore in India as well as in Italy, Malaysia and Bangladesh. Negotiations are currently going on for a membership in Eurogiro to facilitate remittances from Japan, Canada and Europe.