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Sunday, 30 October 2011

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High interest rates:

Parinatha Accounts a boon to elders

The Parinatha Account for senior citizens was introduced by the People's Bank after market research, to cater to their needs. The main feature of the account is the high interest paid by the bank, said Head of Marketing Deepal Abeysekera.

He said that the bank considers the money deposited by elders as their life's savings and offers a higher interest while it is paid monthly.

Elders who have contributed to the growth of the economy and enjoying retirement need money to purchase medicine and for expenses.

A dream of any elder is visiting his or her place of worship an account holder has to deposit money between November and January 2012 and maintain a minimum balance of Rs 50,000 until end July 2012 which will make them eligible for a draw. The bank will select 25 winners and a seven-day trip to India will be organised by People's Travels - a subsidiary of People's Bank where winners will be taken care of.

The Bank gives a pension loan of Rs 50,000 while senior citizens can also withdraw 90 percent of their account balance.

"As we are always committed to develop the economy and improve the living standards of the people, the People's Bank will give the best it can offer at all times," said Abeysekera.

The bank has savings schemes to suit any age and need and "we always encourage savings as it is the way forward," he said.

The Bank offers Isuru Udana for new borns and in the case of accounts opened for babies, the bank gives a gift of a Rs 100 deposit. For Children between the ages of five and eighteen, the People's Bank offers the Sisu Udana account. The bank has opened Sisu Udana units in most schools to promote savings habit. The bank offers a host of benefits in addition to existing benefits. Once a child reaches 18 years, the account will be automatically converted to a YES account.

The Vanitha Vasana by People's Bank was the first account for women. It was introduced in 1994.

The Jana Jaya account is an investment account and an account holder can obtain a loan at any time.

The Bank has 707 branches and savings units while it offers a host of loan schemes to develop the thrust sectors of the economy.

 

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