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| Sunday, 1 February 2004 |
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Business |  |
| News Business Features Editorial
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Save with - Pubudu Triple S - for your child's higher education by Ashwin Hemmathagama
"This savings scheme offers you triple benefits on the savings. We offer the customers on top of the very competitive interest rates, a new bonus feature on the interest and gifts. This is an account which continues to reward your child and look after his/her future. The more you save the higher the bonus you get, the future of your child is bright and safe with Sampath Bank", Mr. Dharmawardene explained. The unique savings account for children has a new look where it can be opened on behalf of a minor by the parent or the guardian with an initial minimum deposit of only Rs. 100. The account is a long term savings account, and the account holder will be permitted to withdraw funds once he or she reaches 18 years of age. "There are couple of reasons as to why we need to offer the additional features for this product. We wanted to give an incentive and motivate the parents or the guardians to save more for the children. All these years we were giving the highest interest for the children's savings accounts as well as gifts for the children. Our idea was to introduce a bonus scheme which motivates them further to save more", he added. According to the industry sources, the Sri Lankan savings rate is very low and declining. In 2000, it was reported as 22% p.a. which has declined by 2.3% to 19.7% p.a. last year. "From the national perspective we need to encourage people to save. Today, we do not have very many avenues for savings. People are depending on interest. So we thought giving an incentive for those who are eager in increasing the account balances. So the motivation is on when they hit a certain level. Just giving a gift to a child is not going to look after his future. The expensive gifts are for the consumption at this time only. Our strategy is to give them the best possible interest which is what is really required for the children's future", said Mr. Dharmawardene. |
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News | Business | Features
| Editorial | Security Produced by Lake House |
The technological leaders in Sri Lankan banking industry, Sampath Bank,
have recently introduced their new Pubudu Triple S Children's Savings
Account with added features. The Pubudu Triple S Children's Savings
Account holders would now benefit in many ways, and will look after their
future. Sampath Bank's Deputy General Manager Marketing, Finance &
Planning, Parama Dharmawardene said, that the new scheme will give
interest at very competitive rates, a bonus on interest and gifts for the
child.
