A brighter future for the children of the nation – Commercial bank

Commercial Bank has always encouraged saving as a part of the lifestyle in Sri Lankans and therefore, has introduced several savings schemes that are customized for clients and their varied levels of income. However, out of these, the ‘Arunalu’ Children’s Savings Account, the ‘Isuru’ Minors’ Savings Plan and the Dotcom Teen Accounts can be seen as the ones that have gained both momentum and popularity in the recent past.

In comparison with the current interest rates offered in Sri Lanka, the Arunalu Children’s Savings Account offers a much more competitive and attractive interest rate. Additionally, the fact that this account can be opened with a minimal deposit of just Rs. 100 means that anybody with any level of income can open up this account for the betterment and the future of their little ones. This account is perfect for any child below 18 years of age and has no limit on the deposit amounts. A pass book will be issued by the bank for the said account and upon the child reaching maturity at 18 years of age, they can choose to transfer this account an account of their choice.

A big hit with parents right now, is also the Isuru Minors’ Saving Plan because of the fact that this plan allows for a rather significant amount of money to be saved for their children. The most suitable deposit scheme for parents looking to save for their children can be chosen from two options; Isuru Monthly Deposit Scheme and the Isuru Lump Sum Deposit Scheme. The Isuru Monthly Deposit Scheme allows for monthly deposits between Rs. 500 – Rs. 20,000 or any amount in multiples of Rs.500. The duration of this deposit can be 5 or 10 years.

On the other hand, the Isuru Lump Sum Deposit Scheme allows a customer to deposit a single lump sum ranging from Rs.5000 – Rs.1,000,000. A large return of up to Rs.6.5 million can be received for the future of the customer’s children/child. In the unfortunate event that the depositor is deceased within the agreed period of the deposit, Commercial Bank will take complete care of the monthly deposits and ensure that the entitlement certificate for the guaranteed amount is issued. After the child has reached 18 years of age, they will be able to present the Isuru entitlement certificate to the bank and be eligible to collect the full amount of money.

In addition to the above mentioned accounts and plans, the bank has also introduced the Dotcom Teen Account which is aimed at the teen of the country ranging from 10 – 18 years of age. With the help of this account, children will have the opportunity to manage their own finances while maintaining a track of all the transactions. This not only allows them the ability to save, but also teaches them responsibility and prudence with the handling of finances. Children can learn what financial literacy is under the care and guidance of their parents and trustees, while enjoying the many benefits that Dotcom offers. Holders of Dotcom Teen Account are provided with a Debit Card that works on Near Field Communication (NFC) Technology and will also be eligible to use online banking facilities, without the need to make an extra payment. What’s more? The Dotcom Teen account offers all its users a higher interest rate than that offered otherwise.

Commercial Bank is Sri Lanka’s first fully carbon neutral bank, and the first Sri Lankan bank to be listed among the Top 1000 Banks of the World. They are also the only Sri Lankan bank to be listed for the same for 11 consecutive years. Commercial Bank also operates an island wide network constituting a staggering 268 branches, along with 931 automated machines (ATMs). The overseas operations of the bank can be found in Bangladesh – which operates 19 outlets, Myanmar – where it holds a microfinance company in Nay Pyi Taw, and the Maldives – where the Commercial Bank is known as a fully-fledged Tier 1 Bank that holds a majority stake.