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| Sunday, 18 April 2004 |
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| News Business Features Editorial
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Gifts and grants thro' Seylan's 'Merit Rewards' After a successful 2 1/2 year period, Seylan Bank's 'Merit Rewards' scheme remains the most innovative one offered to customers by any bank in the country. As at end of February 2004, 4,016 Seylan Bank customers have received Merit Rewards grants. Merit Rewards is the only scheme which extends benefits to the immediate family members in addition to the account holder. This is not a lottery scheme but one where all eligible customers are in line for real value in rupees and cents at their most significant moments in life. All account holders who maintain a minimum credit balance of Rs. 20,000 in their Savings Account or Rs. 10,000 in their Current Account for a continuous period of six calendar months immediately preceding the date of the event would qualify for Merit Rewards. The types of gifts and grants available are as follows: Surgery: If an account holder or an immediate family member undergoes surgery they can apply for reimbursement of expenses incurred. The amount reimbursed in case of surgery w ll depend on the minimum balance maintained during the qualifying period. In the case of cataract operations, only the expense incurred for lenses will be reimbursed. Professional education: If an account holder or an immediate family member achieves excellence (merit/honours or class) in the final examination of a professional or academic discipline, a grant of Rs. 25,000 will be awarded. Sports, drama, art and music: If an account holder or an immediate family member wins an international event in any of the above fields Rs. 50,000 will be awarded. Comfort in sorrow: In the event of the loss of an account holder or an immediate family member, Merit Rewards will grant Rs. 25,000. Marriage: When an account holder gets married, he or she will receive a minimum of Rs. 5,000 and over as a wedding gift depending on the account balance. Accidental or natural disaster: If an account holder is displaced due to an accidental or natural disaster to their home. Rs. 5,000 upwards depending on the account balance. Inventions: If an account holder creates a new invention recognised by the Registrar of Patent Rights and recommended by the Industrial Technology Institute or the Industrial Development Board, you may apply under this category for a grant of Rs. 50,000. There are two other significant occasions when Merit Rewards presents special gifts to its customers. On your 60th birthday: A gift of a valuable wristwatch on the account holder's 60th birthday. At childbirth: A gift of a half sovereign gold coin at the birth of a baby (account holder only). Immediate family members are also included in the Merit Rewards scheme. If the account holder is married, they include the spouse and unmarried children under 18 years of age. If unmarried, they include parents and unmarried brothers or sisters under 18 years of age. All claims under the scheme should be submitted within three months of the event. Merit Rewards is not a lottery, lucky draw or a loan scheme nor deducted from the account balance. All account holders who qualify will receive rewards. |
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