Singer Finance all set to make season memorable with special promotion
The excitement of receiving invaluable gifts extends well beyond the festive season for Singer Finance customers this year too, with the return of the customary year-end fixed deposit promotion that includes for the first time gift vouchers, air tickets as well five-star hotel stays. In the following interview, Radhika Perera, Manager-deposits of Singer Finance (Lanka) PLC speaks about the company’s fixed deposits, seasonal promotion, the company’s current positioning in the industry etc. Excerpts:
Could you briefly tell us about the company’s inception?
Singer Finance (Lanka) PLC commenced operations on 19th April 2004 as a Finance Company within the provisions of the Finance Companies Act No. 78 of 1988 as amended by Act No. 23 of 1991, which was subsequently replaced by the Finance Business Act No. 42 of 2011.
What are the products and services offered by Singer Finance?
Fixed Deposits, Leasing, Hire Purchase, Group Sales, Savings, Gold Loans, Foreign Currency Exchange, Hire Purchase and Credit Cards.
Could you explain the fixed deposit promotion lined-up for the upcoming season?
Every year for Christmas and New Year, we do a gift promotion for fixed deposits. Usually we offer a gift for fixed deposits of Rs. 250,000 and above. This is in addition to providing an attractive interest rate. This Christmas, we will be carrying out a special promotion that would be different from those campaigns of the previous years. Usually we have been offering only Singer products. Now being also a Hayleys company, we want to use the combined group strength and offer something extra to our customers. We have deposit value slabs designed from Rs 250,000 to Rs 10million and We will for the first time offer Singer gift vouchers during the promotion, in order to provide flexibility to customers, enabling them to purchase whatever they wish. In case the customer entitled for a refrigerator already possesses one, he/she could use the gift voucher and either go for a different refrigerator or purchase any other product based on preference. The high-end products such as Fully Automatic Washing Machines, LED TVS, Electric Ovens, Refrigerators, DVD Players, Laptops, Mobile Phones and others will be on offer for certain deposit values as in previous years. In the meantime, we have also got Amaya Resorts & Spas on board this time to offer a One night stay package for two on full Board basis at any of the Amaya Resorts in Sri Lanka. For high valued deposits, we will be providing Vouchers from Hayleys Travels so they can purchase Air Tickets to any destination they prefer. Slab-wise gifts can be viewed on the advertisement or call us on 0112316613-5 or 011-2316637-8.
When will the promotion expire?
This promotion will be valid till 31st of January 2019.
Give key reasons as to why people should approach Singer Finance for fixed deposits?
When taking into consideration the current market conditions, we can boast about ‘trustworthiness’. Singer Finance has maintained a high standard of Trust and Corporate Governance throughout its history. With Hayleys purchasing a majority stake of the Singer Group, the Trust and Reputation of 140 year old Hayleys Group is also a strength that Singer Finance can boast of. The company’s liquidity also remains at a very high level.
Has Singer Finance received ratings by any international rating agency?
Yes. Fitch has assigned a “BBB” stable investment grade rating.
Does Singer Finance offer high rates on deposits?
Our rates are competitive. However we have to offer rates which are within the Central Bank approved Ceiling rates. We also offer very attractive interest rates on our Savings Accounts as well. 8%p.a is been offered for Senior Citizens while 7%p.a is offered for Non-senior Citizens.
What are the key changes that have been effected to Singer Finance, following the acquisition of controlling stake by Hayleys?
In terms of culture, everything still remains the same. The management too has not changed despite the ownership change.
Could you describe the current positioning of Singer Finance within the banking and finance industry of Sri Lanka?
We are among the top finance companies of the country. We are aspiring to become the leader in the future.
Tell us about the company’s branch network?
Currently we have 26 branches, and looking forward to expand. We hope to open new branches in a few locations very soon.
What have you got to say about your company’s human resources?
We have a very energetic team of over 480 employees. All operations are carried out efficiently by this very capable, strong team.
Any new product offerings we could expect in the near future?
We are looking forward to introduce a debit card for our savings accounts. We also have children’s savings accounts. An investment plan will be introduced for these children’s savings accounts very soon and that would make us the first finance company to introduce an investment plan for children’s savings accounts.
We have deposit value slabs designed from Rs 250,000 to Rs 10million and We will for the first time offer Singer gift vouchers during the promotion, in order to provide flexibility to customers, enabling them to purchase whatever they wish. In case the customer entitled for a refrigerator already possesses one, he/she could use the gift voucher and either go for a different refrigerator or purchase any other product based on preference