With cash gifting reaching a peak during the ‘Avurudu’ season, the Commercial Bank of Ceylon has launched a promotion to encourage children to save the cash they receive in the Bank’s savings schemes for minors.
All customers who open new ‘Arunalu’ Children’s Savings Accounts or ‘Isuru’ Minors’ Savings Plans this month and next month will be presented with an eco-friendly till, to motivate them to save conveniently without having to visit a branch.
Children and parents who sign up for either of these savings accounts on or before May 31 will receive a durable till made of metal instead of the customary plastic, a Bank spokesman said.
The flagship children’s savings account of Commercial Bank, Arunalu offers a higher interest rate for Children’s Savings Accounts and can be opened at any of Commercial Bank’s branches, he said.
The Isuru Minors’ Savings plan includes both a monthly deposit and a lump sum deposit scheme and guarantees amounts up to Rs. 12 million upon the child reaching 18 years of age. Under the monthly deposit option, ‘Isuru’ accounts may be opened for children below 10 years, and parents may choose to save between Rs 500 and Rs 20,000 in multiples of Rs 500 a month, for five or ten years.
Under the Isuru Lump Sum Deposit Scheme, parents can make single lump sum deposits starting from Rs. 5,000.
In the event of the unfortunate demise of the depositorduring the agreed period of deposit, the Bank will deposit the balance amount and assure the payment of the guaranteed amount when the child turns 18 years.
Arunalu and Isuru Minors Savings Account holders who maintain a minimum balance on the day the Year 5 scholarship examination results are released and are placed first, second or third in their schools receive cash prizes.
Commercial Bank also conducts an annual online art competition titled Arunalu Siththam under the Arunalu banner for children between the ages of four and 16 country-wide, and has in the past three years rewarded hundreds of winners with millions of rupees in cash prizes and merit certificates.