Mar 23, 2013 (LBT) - The MBSL Savings Bank, to inculcate the savings habit among Sri Lankan, has launched a new campaign by offering the best interest rates and value added benefits for its entire savings and deposit portfolio covering minors to senior citizens’ savings products.
MBSL Savings Bank, a licensed specialized savings bank under the Central Bank of Sri Lanka and a subsidiary of Merchant Bank of Sri Lanka (MBSL), which is a subsidiary of Bank of Ceylon, the largest state owned commercial bank in the country.
According to its Deputy General Manager and Acting Chief Executive Officer, Lloyd Peiris, these interest rates are the ‘Best rates in the market’ offered for a limited promotional time period by any commercial bank or a Licensed Specialized Bank registered under Central Bank of Sri Lanka.
“We have a diverse range of savings products. The normal savings account is for all those who are above 18 years and can be opened with Rs.1,000. It’s a product, which offers a higher interest rate and facilitate customers to continue their savings habit. Bonus Savings is another type of savings account which gives a higher interest rate comparing to the market rates and this offers a 25% bonus interest on interest. Highest interest rate comparing to the market rates with additional option to receive 12 bonuses on the interest per year and a free insurance cover for accounts having a balance of over Rs.10,000 continually for a period of more than three months. Exclusive Family Savings Account is a product, which offers a higher interest rate with an option to receive 12 bonuses on the interest. And this also offers an insurance cover if the customer is having a fixed deposit worth of Rs.500,000 or above for a period of one year. Opening balance is Rs.25,000,” said Mr. Peiris.
“Higher Saver Account is another savings product which offers the best savings interest based on the account balance. At present, we pay 12% per annum for account balances over Rs.1 million. Customers can get higher interest rate comparing to the market interest rates based on the account balance and a free ATM card is issued for this account allowing them to withdraw from Seylan ATMs island-wide. Friendship Certificate is a savings product similar to the fixed deposit and the customer can get the interest instantly at the time he/she opens the account. This is the system we call interest paid up-front.
‘Punchi’ and ‘Punchi Star’ are the two minor savings accounts based on attractive gifts and higher interest schemes respectively. ‘Punchi’ accounts offer an attractive interest rate together with gifts, free children’s health care policy subjected to an annual limit Rs.50,000 and each event limited to Rs. 10,000. Opening balance is Rs.1,000. Gift items will be issuing up to the age of 15 years and the insurance cover will be offered to children between the ages of 1 - 18 years. For ‘Punchi Star’ account holders, despite the higher interest rate, we offer free children’s health policy worth up to Rs.200,000 depending on the account balance. ‘Punchi’ Savings Certificates are similar to a fixed deposit available for various tenures maturity value will be mentioned in the certificate. Child can encash the certificate after reaching the age of 18 years. We provide a free insurance cover for cash values of over Rs.20,000 deposits,” added Mr. Peiris.
“We have two different types of fixed deposits – ‘Value Plus’ and ‘Achara’ for the senior citizens. For value plus, currently we offer a special interest rate of 16% per annum for 12 month fixed deposits and 20% per annum for deposits over 60 months where the customers could double their investment amount. ‘Achara’ senior citizen FD product provides a higher interest rate of 1% compared to the market rates and a hassle free depositing system with minimum documents. Value added benefits are free medical checkup facility for the deposits over Rs.1,000,000, and instant cash backed loan facility, and door step service.,” said DGM Lloyd Peiris.
When it comes to lending, MBSL Savings Bank offers a variety of lending options – ‘Speed Lease’ leasing facility and Hire Purchase facilities and as a limited offering a free insurance cover for the first year covering the lease value, ‘Top Gear’ Executive Car Loans, ‘Kedella’ Housing Loan, Business Loans, Bank Guarantees, Cash Backed Loans, and ‘Ran Suraksha’ Pawning facility.
“Speed Lease is a leasing facility and hire-purchase facility which provides customers hassle free service with less documents and within one day. Top Gear is a car loan facility for individuals who are in executive positions. Kedella is a housing loan facility which provides an easy way to build your dream house or to purchase a land,” he added.
Business Loan is a credit facility which can be obtained for business requirements for existing businesses, working capital requirements, Bank Guarantee is a credit facility which can be taken for business purpose (to start up business, business transactions), Cash Backed Loan facility is an instant loan facility which can be granted within half an hour. By obtaining a cash backed loan customers can keep their deposits as it is and they also can get the interest for the deposits. Ran Suraksha is a pawning facility which provides customers hazel free pawning service at their needs. Mr. Peiris also invited prospective customers to walk into or call any of the MBSL Savings Bank branches for all their financial needs.