MBSL Savings kick-starts with brand new product

MBSL Savings Bank (ex-Ceylinco Savings Bank) after emerging from the recent crisis launched its first new product, Kapruka Children's Savings Account last week.

Chairman of MBSL, Janaka Rathnayake said that when the MBSL took over the Bank it was in a 'quagmire' with billions as liabilities. However, within a short time the issues were solved and today the bank is safe, earning profits and giving benefits to all, he said. The new scheme provides assurance to children for a secure future and benefits for parents to fulfil their desired dream of providing the best for their children. Rathnayake added that the new account will provide benefits to children from their kindergarten to university education.

"Most of us are in high positions in life due to free education then but today the situation has changed. Today you need a lot of money for education and this savings account will address those needs.

Kapruka Children's savings account spreads out from birth to the age of 22. The benefit of the product is categorized under three stages "Kapruka Bilindu", "Kapruka Lama" and "Kapruka Yowun".

A child with Kapruka account gets benefits at aged five as he enters the school; at age ten when he sits for the grade five scholarship examination, and from age 18-22 years.

At the first two stages the child gets a fixed amount of money which will be given only once depending on the investment plan. From age 18-22 he will get a monthly allowance.

For instance a Kapruka account holder with investment plan D can start his savings with Rs. 1800 a month and will get Rs. 24,000 at five years age, Rs. 48,000 at ten years age and Rs. 12,000 monthly allowance from 18-22 years age. Investment plan A can be started with Rs. 450 per month for 0-11 months old children.

Accounts can be opened for children upto 8 years. Accounts can also be opened by depositing money at once and accordingly to initiate investment plan D you should deposit Rs. 216,000 for children aged 0-11 months.

The new scheme will also provide free life insurance cover for the parents and loan facilities to fulfil the financial needs of children for their education.