BOC Digital Platform- Harnessing the technology to promote thrift and savings in Sri Lanka
The need for better living standards has been crucial in all times and so it is in this digital era. Only that with the digital technology people are more connected and have a better sense of saving money, time and energy altogether. In line with the World Thrift day celebrations, BOC wishes to engage itself and all its customers to save energy and engage in preserving the nature through these initiatives, thus making “thrift” idea a wholesome concept. Presenting the idea of saving combined with digital technology, Bank of Ceylon provides the best-in-class saving solutions that add value with convenience, security and agility to save and invest around the clock just the way they want. The “World Thrift day” is celebrated on October 31, every year since 1924 to promote the value of saving and establish confidence in the virtue of saving among people. The objective was to promote better living standards and built a spend-thrift mind-set on everything including scarce natural resources.
“With products such as “B App” mobile banking app, Smart Online Banking, Smart passbook, ability to apply online loan requests, Smart FD and services such as BOC DIGI and Smartzone the Bank of Ceylon in many ways has incorporated this idea to ensure maximum usage of resources and proactively engaged with the public to instill the “thrift” habit in the society. Currently the Bank caters to the saving and investment requirements of the whole family, beginning from children’s savings accounts, teenage and youth savings accounts for youngsters and saving accounts for adults up to senior citizens accounts” stated the Deputy General Manager Sales and Channel Management Mr. C. Amarasinghe.
POWER PLUS
The uniqueness in this scheme is that parents can actually aim for a specifically targeted balance rather than saving randomly not knowing, what the final balance might be. This newest investment plan offered to children from the age of 1year up to the age of 17 years. There are four types of investment plans offered by the Bank, ranging from Rs.500,000/- and going into
Rs.1 Million, Rs.2 Million and up to Rs.5 Million as the return at the maturity which yields an annual interest rate of 8% per annum over the entire investment period. The account will have to be maintained till the child reaches 18 years of age to obtain this benefit. The minimum installment will depend on the desired return and the investment duration, that is until the child reaches 18 years. A parent, guardian or any other individual can open the account on behalf of the child.
‘BOC RAN ULPATHA’ FOR REGULAR SAVERS
Especially dedicated to customers serious and disciplined in the habit of saving and are above the age of 18 years of age, ‘BOC Ran Ulpatha’ is a savings account that is fast gaining popularity amongst both male and female customers. This account can be opened with just Rs. 500/- The benefits offered with this account can be enjoyed by depositing an amount to suit one’s income on a monthly basis. The account holder gets an opportunity to claim for a life insurance cover to the value of Rs. 500,000 with ‘BOC Ran Ulpatha’. An additional 2% interest is offered to customers that uncompromisingly save on a monthly basis to face future challenges in life. Adding further value to the product, 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 amount of Rs.100/- during a quarter. Account holders become eligible for an insurance cover in the event of death for a minimum balance of Rs 10,000/- maintained over a period of 6 months prior to the incident. The maximum cover offered here is Rs. 500,000/-.
RAN KEKULU CHILDREN’S SAVINGS ACCOUNT
BOC Ran Kekulu, children’s savings account offers the widest range of benefits among children’s savings accounts. Out of an array of banking products and services, Bank of Ceylon offers Ran Kekulu account with an additional interest rate of 1%. This account is also linked with free life insurance cover for the parent or guardian to a maximum of Rs.500,000/(minimum balance of Rs.5000/- to be maintained for a period of six months prior to the incident). Any parent or guardian who has opened BOC Ran Kekulu accounts for more than one child will be covered up to a maximum of Rs. 1.0 million.
The child will also get a free medical insurance cover up to Rs.100,000/- per-annum in case of an accident or in the case of specified 10 critical illnesses requiring hospitalization in a Private Hospital for more than one night or in the case of same situation where hospitalization was made to a Government hospital requiring 3 nights stay, will receive Rs.600/- per day up to a maximum of 30 days only (conditions apply). Furthermore, 2,000 scholarships worth Rs. 15,000/- each are granted annually to Ran Kekulu account holders that emerge successful at the grade 5 scholarship examination. A minimum balance of Rs. 5000/maintained in a Ran Kekulu account qualifies the account holder for most of the privileges mentioned here. Apart from the regular scholarships special rewards will be granted for Island 1st, 2nd and 3rd places Rs.150,000/-, Rs. 100,000/- and Rs. 75,000/respectively.
BOC SMARTGEN.
Being a prudent Bank, BOC not only provides you saving options but also enriches your savings experience with BOC Smartgen. One can also instantly uplift his/her 14+, 18 +, Kantha Ran Ginum (KRG), BOC Savings account and Senior Citizen saving accounts to a digital platform that gives instant access to the account 24x7 all 365 days. The free internet banking facility that is provided with this feature enables one to do all account transactions from anywhere and receive SMS alert to an assigned phone immediately and later obtain the monthly statement online. With the digital additions to this account the customer can operate his/ her account from anywhereanytime. Life enhancing smart digital options such as Smart Online Banking, B-app, BOC Digi, Smartzones, Smart Pass book, ensures customer are kept on track during their journey towards financial fulfillment whilst conserving the nature by reducing the carbon footprint.
SMARTGEN 14+ TEENAGE ACCOUNT
This is the innovative savings account introduced by BOC with an additional interest of 0.5% than the normal savings account for teenagers between the ages of 14-18. The account was conceptualized to inculcate the habit of savings amongst teenagers and draw attention away from unwanted spending sprees that are common to this age group. A voluntary savings of pocket money is encouraged here at an early age and account holders are entitled to a BOC Debit Card to access their accounts.
SMARTGEN 18+ YOUTH ACCOUNT
This account targets youth that take an active stance in planning for their future development. Existing especially for those within the age group of 18-25, it offers benefits that could be enjoyed even until the age of 35. This account carries a number of financial and nonfinancial benefits: an additional 0.5% interest than a normal savings account, scholarships to highflyers based on the district rank of the G.C.E. A/L examination (account holders who maintain Rs.10000/- in their account during six months from August 1st of the year they sit for the examination are eligible), a medical insurance cover to a maximum value Rs. 100,000/- that covers 10 critical illnesses and a life insurance cover to a maximum value of Rs. 500,000/- for eligible account holders. They are also entitled for a gift on their wedding day and the Bank also opens a free account for their first child from the Bank with a complimentary cash deposit based on the 18 Plus account balance.
SMARTGEN KANTHA RAN GINUM
Bank of Ceylon recognizes the fact that the role that the Sri Lankan woman plays directly and indirectly shapes the nation’s economy. A number of privileges are offered with this account: additional 0.5% interest than the normal savings account, a complimentary life insurance cover of Rs. 500,000/for the eligible account holder. To empower the ladies who take on the new world the Bank has offered any where any time banking through International debit card or credit card for shopping and ATM withdrawals, online banking and mobile banking facilities. Instant loan facilities up to 90% of balance can also be obtained.
SMARTGEN BOC SAVINGS ACCOUNT
BOC savings is an account that any Sri Lankan above the age of 18 is eligible to open. The accounts cater to the savings requirement of customers that incorporate savings as a general practice into their lifestyle. Account holders are presented with the benefits of internet banking, a debit card for shopping/atm withdrawals, SMS banking, instant loans up to 90% of account balance.
SMARTGEN SENIOR CITIZENS ACCOUNT
BOC dedicates two accounts for senior citizens titled ‘Senior Citizens Savings Account’ and ‘Senior Citizens Fixed Deposit’. Sri Lankan citizens above the age of 55 are eligible to open these accounts. Senior Citizens Savings Accounts offer interest rates which is 1% higher than the normal savings account rate.
BOC ABHIMANA PENSION SCHEME.
BOC Abhimana offers an opportunity to enjoy a peaceful and a stable retirement through a unique retirement plan. Any Sri Lankan above the age of 18 years can join this pension scheme and obtain benefits. Depending on the age, required retirement benefit, amount and period one can select the most suitable Abhimana retirement option. Customers can enroll in the retirement plan either by making a lump sum payment or as with the installment option, monthly contribution that would depend on the age, selected retirement plan option and the BOC Abhimana offers an opportunity to enjoy a peaceful and a stable retirement through a unique retirement plan. Any Sri Lankan above the age of 18 years can join this pension scheme and obtain benefits. Depending on the age, required retirement benefit, amount and period one can select the most suitable Abhimana retirement option. retirement benefit amount. This unique product gives the opportunity for the customer to arrange a retirement plan for a fixed period or entire life time and gives the ability to nominate a beneficiary to receive funds on the death of the Abhimana pensioner. The Bank also facilitates private sector employers to include their employees in this plan through joint or full contribution by the employer. In case, the customer is above 55 years of age, he/she can get retirement benefits from the following month onwards by investing his/her EPF fund with BOC Abhimana. This offer is valid for citizen s who are between n 18 and 60 years.