Two state banks have introduced special ”Savings” products with superior benefits. These new Savings scheme is ideal for regular savers and also for people belongs to low income group. Sri Lankans follow various savings habits that were inherited from their fore fathers which was also strengthened by the Buddhism. “Seettuwa” is a very popular savings method among Sri Lankan house wives, on which these special savings scheme based on. These savings scheme are for long term unlike “seettuwa” but bundled with higher returns. Following is the detailed analysis of these special savings schemes.
1. Pas Awurude Account (Five Year Account) by National Savings Bank
Who can Open this Saving Account?
- Any Sri Lankan over 16 years of age can open and operate.
- You can open this account as an individual, joint or a minor.
- However this account cannot be opened as Institutional, Courts, Security, and Trust Accounts.
How to Open and maintained this Account?
- The account can be opened by a monthly deposit of Rs.100/-, Rs.200/-, Rs.300/-, Rs.400/-, Rs.500/- and Rs.1000/- or denominations of Rs.1000/- and the duration of the account will be 5 years (60 months).*
- The monthly deposit amount agreed upon, should be credited to the account on any day of each month without any failure.*
- The interest will be calculated daily and credited to the account on monthly basis.
What are the Special Benefits Offered?
- Your interest rates will be determined based on the monthly deposit amount. Higher interest rate will be offered for higher deposit amounts.
- Life cover up to One Million according to the account balance.
- 100% government guarantee on all your savings and interest earned thereon.
2. Ran Ulpatha by Bank of Ceylon
Who can Open this Ran Ulpatha Account?
Any individual above 18 years of age can open a Ran Ulaptha regular savings account and only requires a monthly deposit to enjoy double interest.
What are the Special Benefits Offered?
- Higher Rate of Interest – 2% higher than the annual interest rate of Normal Savings accounts
- Bonus Interest – 10% bonus interest on the interest earned will be offered, if no withdrawals have been made and at least three deposits have been made each with a minimum amount of Rs. 100/- during each quarter.
- Free Life Insurance Cover up to Rs: 500,000/ – Account holders within the ages of 18-60 years who carry a minimum balance of Rs. 10,000/- for a continuous period of 6 months prior to the date of the incident on which a claim is made will be covered by this life (natural or accidental) insurance cover.
- Amount of cover – 10 times the minimum balance maintained during the period of 6 months prior to the date of the incident, subject to a maximum of Rs. 500,000/-.
What are Limitations?
Withdrawals are permitted – only 3 withdrawals are permitted during the 90-calendar-day period following the last withdrawal. If the number of withdrawals exceeds three, the account will be transferred to normal savings category and thereafter all benefits offered to BOC Ran Ulpatha account cease to exist.
Comparison of Five Year Account with Ran Ulpatha
1. Interest Rate:
Five Year Account – 8% -11%
Ran Ulpatha – 2% above normal Savings rate which is 6%
On a decreasing trend in Bank’s deposit interest rates,getting a stable 8% to 11% interest for five years for a savings deposit is a super benefit.
Ran Ulpatha is for three Years
3. Life Insurance cover:
Five Year Account – Up toRs. 1 Million
Ran Ulpatha – Up to Rs.500,000/=
4. Government Gurantee:
You get 100% government guarantee on all your savings and interest earned thereon for all deposits at National Savings Bank.
It is a good habit to save a fraction of your hard earned money on monthly basis, so act fast, select a product which suits you the best and enjoy all the benefits.
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