BoC marks World Thrift Day

October 31 was declared as the World Thrift Day at the end of the first international Thrift Congress in 1924 in Milan.

The date is celebrated to stress the importance of saving for a modern economy and for people.

The savings movement promotes the custom or habit of thrift among the people and provides a good return to the small investor.

The Bank of Ceylon (BoC) has dominated the banking industry in the country for over seven decades.

From its inception in the late 1930s, the bank has instilled the virtue of 'thrift' among all constituents.

The bank is synonymous in being the nation's 'Home of Savings' and it caters to the saving needs of the whole family, beginning from children's savings accounts, teenage and youth savings accounts for youngsters, NRFC accounts and saving accounts for adults up to senior citizens accounts. Ran Kekulu is a children's savings account from the Bank of Ceylon (BoC). It offers one of the widest range of benefits among children's savings accounts. Parents get a number of financial and non-financial benefits through Ran Kekulu accounts.

This account pays an additional 1% interest, offers the account holder a medical insurance and reimbursement of hospitalisation charges up to Rs. 100,000.

In the case of a depositor maintaining multiple Ran Kekulu accounts, he or she becomes eligible for an insurance cover up to a maximum of Rs. 1 million.

Two thousand scholarships worth Rs. 10,000 each are granted annually to Ran Kekulu account holders who are successful at the Grade Five scholarship examination.

A minimum balance of Rs. 5,000 maintained in a Ran Kekulu account qualifies the account holder for most of the privileges.Kantha Ran Ginum. A number of privileges are offered with this account. The account holder receives a complimentary life insurance cover of Rs. 500,000, a debit card and ATM withdrawals and instant loan facilities.