BoC adds new features to Ran Ulpatha

The Bank of Ceylon (BoC) recently introduced new features to Ran Ulpatha regular saver's account, bringing multiple benefits to customers.

This encompasses many value additions making the product attractive to customers. The minimum initial deposit has been reduced from Rs. 1,000 to Rs. 500. Withdrawals are also now permitted, with a maximum of three withdrawals within 90 calendar days of the last withdrawal.

These changes will be an incentive for more customers to open Ran Ulpatha accounts, especially those who were unable to meet the initial deposit amount or the withdrawal restriction which was in force earlier.

The interest rate is 2% over the interest rate offered on normal savings accounts. A 10% bonus interest is offered on the interest earned, if there are no withdrawals and at least three deposits were made each with minimum of Rs.100 during a quarter. Customers can earn a premium interest from Ran Ulpatha regular saver's account.

Account holders are also eligible for a free life insurance cover. A minimum balance of Rs. 10,000 for a continuous period of six months has to be retained in the account to qualify for this privilege and will be entitled to 10 times of the account balance up to Rs. 500,000.

Deputy General Manager Product and Development Banking, Senarath Bandara said, "This is a special savings scheme which brings in the concept of the Seettuwa, a well known mode of savings practised by the rural masses to fulfill their investment or other essential needs."

"Ran Ulpatha allows customers to make a regular saving with an affordable amount and earn a higher return for the savings.

The product, which is characterised with savings and investment features, is ideal for regular income earners, salaried employees, the self-employed and irregular income earners to establish their income".

The account holder can decide on the monthly deposit which should be above Rs. 100 and it could be made by cash deposits, standing order or through e-banking facilities.

This product was launched at the 73rd anniversary in August 2012 and new features were added to coincide with the 74th anniversary of the Bank.