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| Sunday, 10 March 2002 |
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Business |  |
| News Business Features Editorial
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New savings account for women 'Sthree', a savings account for women, was launched by National Savings Bank (NSB) on March 8 to coincide with International Women's Day. NSB Chairman, Cyril Herath said the bank had not had a product for women, but 'Sthree' now fulfils that void. The prime responsibility of the bank is to inculcate the savings habit among Sri Lankans. Therefore, the products launched by NSB are designed to achieve this objective, he said. General Manager of the bank E. Narangoda said that since women comprise 51 per cent of Sri Lanka's population, it is essential to have financial products to cater to their needs. He said that with a minimum deposit of Rs. 500, any woman over the age of 16 can open a 'Sthree' account. Its benefits include loan facilities, pawning service, incentives, prize draws and membership of the 'Ladies Club'. Narangoda said that if the account is maintained satisfactorily for over six months, a personal loan can be obtained one per cent less than the normal rate of interest while gold jewellery too can be pawned at one per cent less than the normal rate of interest. The bank provides the option to obtain loans at 0.5 per cent less than the normal rate of interest, depending on the deposit balance. He said that if a balance of Rs. 10,000 is maintained for an year an annual incentive of 2 per cent will be given. If this balance is maintained for six months, account holders will qualify for the quarterly draws. Each draw has six cash prizes. The bank plans to set up Ladies Clubs which will give members, the opportunity to attend seminars and workshops to enlighten themselves on various topics. The fully government owned bank specialises in savings products and personal lending for non-commercial purposes. It was established in 1972 and has 100 branches and 12 million accounts at present. |
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