DFCC Bank Guides Customers to Transcend beyond financial discipline and future needs with Secure Savings Accounts
It is common knowledge that Thrift and Savings are not new concepts. On the contrary, they have been a constant phenomenon that are of outmost importance to any community in the world regardless of social and economic statuses. Ancient ancestors have been well versed on the concepts, and thus have passed down the expertise throughout each generation. Thus, the spirit of Thrift illuminates the domestic management and organizational activities leading to proper resource allocation, and ultimately preventing wastage and unnecessary expenditure. Taking that into consideration, Vice President of Liabilities and Trade Business Development Anton Arumugam shared a glimpse of the prosperous opportunities laid out by DFCC Bank for customers to think beyond the unforeseen future.
Q What stance does DFCC Bank have on ‘being thrifty’?
Savings are a constant, which is done at every stage of a person’s life cycle. The unpredictability of the future, and the fact that this helps a person become more financially secure acts as the fuel for the drive towards being ‘thrifty’. These savings act as a safety net, in the case of any unforeseen emergency.
DFCC Bank has tailormade Savings solutions for individuals from all walks of life, starting from infancy, ranging throughout maturity until achieving seniority. The superior customer services and the convenience of access, complemented faultlessly with new digital platforms have differentiated DFCC
Bank, establishing it firmly on a higher pedestal. The Bank believes that an individual should start saving somewhere in his or her life, so that he/she can grow stronger by improving his/her financial situation throughout the years to come.
Q How does the Bank advocate the concept for the younger audience?
DFCC Junior Savings Account is a children’s savings account. New-born infants to teenagers below the age of 18 are eligible to be a holder of this savings account. DFCC Junior Plus and DFCC Junior are two products which offers a variety of financial and non-financial benefits to the account holder. The Interest Rates offered reflect the expectations of the loving parents, while children are provided with exciting gift items.
“DFCC Junior Scholarship Benefit” is another popular scheme among parents. This scheme offers the cash benefit irrespective if the child achieves the pre-determined cutoff marks at the Grade 05 Scholarship examination, given that the student has achieved the minimum mark of 150.
DFCC Bank holds extreme responsibility when it comes to advocacy of the concept for the younger generation. Currently, the ‘Poddanta Thegi’ special campaign is carried out to coincide with the World Children’s Day as well as the World Thrift Month. This program is specially developed to intensify and instill the habit of savings among children.
Q What approaches are taken to advocate the concepts once a person surpasses childhood?
Then that individual becomes eligible for DFCC Banks main product. The DFCC Winner savings account offers the highest interest rate for the lowest balances; for any balance above Rs.2500/- the bank pays an interest of 7% which works out to an Annual Effective Rate of 7.23%.
All of this is combined with the flexibility of withdrawing their money at any given time from DFCC Bank’s island wide network of branches and ATMS. Additionally, customers can avail themselves all of the other consumer banking facilities that DFCC offers.
Q What is done differently to cater to the senior citizens?
DFCC Garusaru is a savings account introduced for eminent senior citizens of the nation. It also offers attractive financial and non-financial benefits for all account holders. From this account, the account holder is eligible for vouchers, discounts and loyalty points from various establishments including healthcare, apart from the relatively higher interest rates.
Additionally, apart from these facilities, a plethora of other benefits are steadily available. These include free online banking and free SMS alert facilities during the first year upon availing such facility.
Q What is the driving force behind DFCC Bank’s success?
Backed by over 64 years of expertise in banking, DFCC Bank is a full service and a dynamic commercial banking institution. Evolving with the times to meet the changing needs of its esteemed clientele, by leveraging its longstanding experience in the banking sector, as well as utilizing the latest available technology in its products and services.
The Bank was also ranked No 14 in Business Today’s list of Top 30 businesses in Sri Lanka and was placed in the 25th position in Brand Finance Top 100 Most Valuable Brands, 2019. DFCC Bank is rated Aa-(lka) by Fitch Ratings Lanka Limited.
Q What is DFCC Bank’s message, on the World Thrift Day?
Everyone wishes to chose the best available option for those who matter, at every stage in their lives. Upon making the decision to open an account at DFCC Bank, it is notable to understand that it is a step taken to safeguard savings and achieving stability while receiving a customized pleasant and friendly service brimming with convenience. All of these dimensions are covered seamlessly through the DFCC Bank branch network. This can be consistently ensured, given the 64 year long history the bank has witnessed within the country, holding a branch network which consist of 139 branches and service points.
The World Thrift Day is celebrated on the 31st of October each year.
It is keen to observe that the World Children/elders day falls in close proximity, in two consecutive months. This is not a mere coincidence, and this can be taken as a sign that this is the perfect and most opportunistic time for those who have not yet started to save to revamp the practice, and convert it into a regular in their lifestyles.
It is futile to assume that the sky will be bright and clear for the rest of your life. It is evident that catastrophe can hit, at such short notice. The question remains; whether to wait till the going gets tough, or to ensure counter measures before actually encountering the ‘tough’? Prolonging only delays the inevitable, thus on this day, and the days that are to come, DFCC Bank highly advocates the urgency for a person to save and turn ‘thrifty’, even if the horizons seems bright and prosperous. For all we know, you may never know when a rain cloud might cause a blemish in the currently clear picture.
The DFCC Winner savings account offers the highest interest rate for the lowest balances; for any balance above Rs.2500/- the bank pays an interest of 7% which works out to an Annual Effective Rate of 7.23%.