COMBank pays over Rs. 3m to 2007 Year 5 schol winners

Three-hundred-and-fifty-three talented students holding Commercial Bank Arunalu Minors Accounts have been rewarded with cash prizes for achieving the first, second and third best results in their schools at the Year 5 scholarship examination 2007 by the country’s benchmark private bank.

The Bank paid Rs. 10,000 to students placed first, Rs 7,500 to the second and Rs 5,000 to students placed third in each school. The total value of these cash awards made in respect of the 2007 Year 5 scholarship examination was over Rs. 3 million, the Bank said.

In addition to these cash rewards, four of the 353 students, who obtained the highest marks in their Districts at this examination, were able to double their account balances, up to a maximum of Rs. 50,000, under a new feature introduced to the Arunalu Scheme in 2007.

“The Arunalu Children’s Savings Account was launched in 1998 by Commercial Bank to promote academic excellence from a young age while encouraging the savings habit. We have rewarded more than 870 students who have performed well in year 5 scholarships, to date since 2001 when the Prize Scheme was introduced,” said Commercial Bank’s Assistant General Manager Richard Rodrigo.

“Without resorting to Lottery Schemes which reward only those few lucky ones selected, we have been gifting each and every Arunalu Account holder who is placed within the first three in each school,” he said.

Arunalu accounts can be opened at any of Commercial Bank’s branches or supermarket counters with a minimum deposit of Rs. 100. A minimum account balance of Rs. 5,000 should be maintained at the time of the examination to be eligible for a prize.