BoC's raffle draw to make millionaires

by Sapumali GALAGODA

Bank of Ceylon (BoC) - bankers to the nation with an international presence for over seven decades has initiated the making of millionaires through its NRFC raffle draw. The Sunday Observer met the Deputy General Manager (International & Treasury) BoC H. M. A. V. Weerasekera to get more details of this promotional scheme.

We observe that the BoC has taken a keen interest in fostering NRFC deposits while offering improved benefits to the NRFC account holders. What are the reasons for the move?

Deputy General Manager (International & Treasury) BoC H. M. A. V. Weerasekera. Pic by Tilak Perera

For the development of a country, foreign exchange is an essential factor. There are two major modes of receiving foreign exchange to our country. One is the export earnings. The other is the remittances received from our migrant employees. The country has focused more on remittances because of its macroeconomic importance. BOC also pays special attention to NRFC account holders as a responsible bank in assisting to uplift their lives and that of their families. We understand the difficulties our migrant workers encounter in remitting their hard earned monies to the country.

Some were victimized at the hands of bogus remitting agents. We pioneered in salvaging these innocent people by introducing convenient NRFC Accounts in February 1977.

We are proud of this initiative. The confidence placed by the migrants on BoC NRFC over 3 decades is reflected by the continued leadership position in the Inward remittances market share in the country.

In considering the latest developments in remittance business, a series of remittance modes enabled by modern information technology have been utilized by the bank such as BOC e-cash, Xpress Money, MoneyGram, Coinstar, Ez-remit, Telemoney and of course SWIFT.

Is there a specific reason for starting a raffle draw with attractive prizes?

Yes, our people who are employed abroad should be considered as assets to the country. We must appreciate them. We have to honour their commitment. We must give proper guidance and advise them to improve and enhance their savings for a better tomorrow. With all these in mind we started the NRFC raffle draw to give away prizes in millions as an additional benefit apart from interest payment and other benefits.

Can you elaborate further on the NRFC raffle draw ..

We give away Rs. one million as the first prize at the quarterly draw. Twenty 2nd prizes of Rs. 50,000 each and thirty 3rd prizes of Rs. 25,000 each. NRFC account holders who maintain USD 5000, 1000 and 250 in their accounts for a period of one month as at the end of the relevant quarter. June 30, Sept 30, Dec 31, 2010 and March 31, 2011 are eligible to be entered for the raffle draw.

If a customer maintains a balance of USD 5,000 he will be eligible for the super draw prize of Rs. 1 million continuously. During the quarter he/she will get three chances when the amount is USD 50,000, multiples will get additional chances.

At the monthly draw NRFC deposit holders with a minimum balance of USD 250 in their accounts will be given 50 prizes of Rs. 10,000 each (July, August, October, November in 2010, January & February in 2011). Minimum balances in equivalent designated foreign currencies are also eligible for the draw.

What are the other benefits offered to NRFC account holders?

NRFC A/c holders are entitled special benefits from the day the account is opened with us. Remittance proceeds are credited to NRFC accounts free. Loan or overdraft facilities against NRFC account balances are arranged immediately at request. Interest earned is free of income tax. We issue an electronic visa card to all NRFC Account holders to withdraw money from ATMs anywhere on the globe. There are about 25 BoC representatives deployed in several countries to facilitate remittances of our migrant employees.

The most important benefit to NRFC account holders are the life insurance cover of Rs. 1 million with no premium payment. The special type of account called NRFC Ran Kekulu opened in a child name is entitled to bonus interest in addition to the normal interest.

Prospective migrant employees for designated countries are offered pre-departure loans to cover up preparation expenses. During the tenure of employment, account holders request for fund transfers and utility payments which are arranged. Applications for loans can be channelled through our representatives abroad. As per the latest revision of exchange control regulations, any family member can deposit foreign currencies to NRFC accounts.

Another advantage is that when withdrawals are made a favourable exchange rate is applied which is higher than that for foreign currency note transactions.

Relatives of migrants can open RFC accounts expecting remittances.

When migrant employees return to the country they can obtain loan facilities against their deposit for self employment, start up of a business, purchase of land, construction of house etc. If they need further loans the bank is happy to extend such facilities too under available schemes.

What are the new facilities or benefits planned for NRFC A/c holders?

The internet banking facility is already in force. Once registered with BoC they can view their accounts, obtain a copies of account statements, fund transfers to another account in the account holder's name is also possible. Transfers from that account to third party accounts is also possible.

'Paymate' introduced recently enables customers to make their utility payments by SMS. Currently this facility it is available to SLR account holders only. It is hoped to arrange a 'payment gateway' to facilitate transactions through ATM machines globally.

Do you have plans to expand or enhance NRFC deposits in your bank?

Yes we have the privilege of branching out from our BoC (UK) Ltd subsidiary in Europe. Further measures are taken to open branches in Tuticorin and Coimbatore in India, Italy, Malaysia and Bangladesh. Negotiations are going on for membership in Eurogiro to facilitate remittances from Japan, Canada and Europe.