With cash gifting reaching a peak at 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 popular savings schemes for minors.
The Bank has announced that all customers who open new ‘Arunalu’ Children’s Savings Accounts or ‘Isuru’ Minors’ Savings Plans in April and May 2023 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 between 1st April and 31st May with an initial deposit of Rs 1,000 or more will receive a durable till made out of metal instead of the customary plastic, the Bank 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 with a minimum deposit of Rs 100.
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 who are between one day and ten years old, 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 depositor during 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.
Both 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 of Rs 10,000, Rs 7,500 and Rs 5,000 each respectively.
Additionally, Commercial Bank 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.
Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 12 years consecutively, Commercial Bank operates a network of 270 branches and 950 automated machines in Sri Lanka. Commercial Bank is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 20 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.
David Cameron kicks off Port City Colombo’s global investment drive
Representatives of top corporates in the UAE, accompanied by high-potential investors, property developers, hotel owners, and leaders in the hospitality and real estate industries, converged on the iconic settings of the Ritz Carlton in Abu Dhabi and the Armani Hotel at Burj Khalifa in Dubai to explore, understand, and assess the investment potential of Sri Lanka, with particular emphasis on the transformative Port City Colombo project, a press release said.
The release adds: ‘This elite gathering took place in the presence of the ruling families of the UAE, engaging in a structured conversation led by David Cameron, former British Prime Minister, who outlined a compelling case for investing in Sri Lanka. The discussion was moderated by Niranjan de S Deva Aditya, a former British and European MP, currently serving as the Presidential Advisor to the President of Sri Lanka, Ranil Wickremesinghe.
‘The event was held in partnership with Port City Colombo’s regulatory authority, the Colombo Port City Economic Commission, and the primary developer, CHEC Port City Colombo, with the invaluable support of the Sovereign Wealth Fund Institute, representing an astounding $12 trillion in assets.
‘David Cameron, the former Prime Minister of the United Kingdom, engaged the audience in an interactive session with his insights on the fast-evolving trade and investment trends in the South-Asian region, the role of the UAE, and the pivotal role of Port City Colombo in transforming the global business landscape.
‘Commenting on Sri Lanka’s recovery over the last few years, Cameron stated that while the country has had its share of challenges, these challenges have also presented ample opportunity, with Port City Colombo at the center of such opportunity. Further commenting on the UAE, Cameron stated, “The UAE is a good case for the potential that can be reached if the right environment is created. I strongly believe Sri Lanka has the potential to reach this, particularly at this point, with all the right reforms taking place and supported by the commitment of President Wickramesinghe.”
‘Sri Lanka’s Banking Guide for Investors & BOI Companies’ launched
Sampath Bank PLC, in collaboration with the Board of Investment of Sri Lanka (BOI) and the Ministry of Investment Promotion, unveiled a comprehensive Banking Guide titled, ‘Sri Lanka’s Banking Guide for Investors and BOI Companies’, a Sampath Bank press release said.
The release adds: ‘The event was held at the Sampath Bank’s corporate office on August 28 with the participation of senior dignitaries from the BOI and Sampath Bank PLC.
‘This Banking Guide serves as a strategic initiative to support the nation’s drive to attract foreign direct investments. It further offers comprehensive banking insights tailored for investors and BOI companies, addressing key areas such as investment accounts, operational banking, borrowing solutions, and related financial services.’
Public Finance Committee calls for report on wheat stocks
SJB MP Dr. Harsha de Silva has instructed the Auditor General’s Department to estimate the stock of wheat flour currently available in warehouses and submit an audit report within 2 months. He said that if a pricing formula for wheat flour had been adopted, unscrupulous elements would not have been able to exploit consumers.
The matter was discussed when the Committee on Public Finance met recently under the Chairmanship of Dr. de Silva.
The members of the Committee pointed out that wheat flour was sold at different prices. However, according to the prices declared by the Ministry of Finance, one kilo of wheat flour had to be sold at Rs 198.
Recalling the efforts made to prepare a price formula for gas and milk powder last season, the chairman pointed out the need for a price formula for regulating the price of wheat. The Committee emphasised that a price formula should be prepared immediately.
2023 GCE Advanced Level in January 2024
Litro gas to cost more from midnight today (04)
Moungi Bawendi, Louis Brus and Alexei Ekimov win Nobel Prize in Chemistry
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#Sundayisland Sunday Island- 31 January- Headlines
Sports7 days ago
Jayantha Paranathala passes away
Latest News4 days ago
Fate of India ties, democracy in balance as Maldives votes in run-off
News5 days ago
President orders probe into judge’s resignation
Business3 days ago
Eco Tablet completes four years in Sri Lankan market
Latest News7 days ago
Danushka Gunathilaka found not guilty
News4 days ago
British-born Lankan girl to represent Britain in gymnastics
News5 days ago
China pledges steadfast support to Sri Lanka
News5 days ago
Fitch Upgrades Sri Lanka’s Long-Term Local-Currency IDR to ‘CCC-‘