ComBank gift tills for new ‘Arunalu’ ‘Isuru’ accounts
With cash gifting reaching a peak at the ‘Avurudu’ season, the Commercial Bank has launched a promotion to encourage children to save the cash they receive in the Bank’s popular savings schemes for minors.
The Bank has announced that all customers who open new ‘Arunalu’ Children’s Savings Accounts or ‘Isuru’ Minors’ Savings Plans in April and May 2023 will be presented with an eco-friendly till, to motivate them to save conveniently without having to visit a branch.
Children and parents who sign up for either of these savings accounts between April 1 to May 31, will receive a durable till made out of metal instead of the customary plastic.
The flagship children’s savings account of Commercial Bank, ‘Arunalu’ offers a higher interest rate for Children’s Savings Accounts and can be opened at any of the Commercial Bank branches with a minimum deposit of Rs 100.
The ‘Isuru’ Minors’ Savings plan includes both a monthly deposit and a lump sum deposit scheme and guarantees amounts up to Rs 12 million upon the child reaching 18 years of age. Under the monthly deposit option, ‘Isuru’ accounts may be opened for children who are between one day and ten years old and parents may choose to save for five or ten years.
Under the ‘Isuru’ lump sum deposit scheme, parents can make single lump sum deposits.
In the event of the unfortunate demise of the depositor during the agreed period of deposit, the Bank will deposit the balance amount and assure the payment of the guaranteed amount when the child turns 18 years.
Both ‘Arunalu’ and ‘Isuru’ Minors’ Savings Account holders who maintain a minimum balance on the day the Year 5 Scholarship examination results are released and are placed first, second or third in their schools receive cash prizes each respectively.
Additionally, Commercial Bank conducts an annual online art competition titled ‘Arunalu Siththam’ under the ‘Arunalu’ banner for children between the ages of four and 16 islandwide and has in the past three years rewarded hundreds of winners with millions of rupees in cash prizes and merit certificates.