Pan Asia Bank helps instil saving habit in children

Pan Asia Bank is steadfastly committed to encourage Sri Lankans to save for a better future. And what better way to make it happen than start with our children? With an array of fantastic gifts with Mithuru Max or a 10 percent bonus deposit for every deposit with Daskam, Pan Asia Bank has not only differentiated children’s savings account from other children’s savings products but has also begun to instil in their young minds the importance of saving.

Daskam children’s savings account aims to be a pillar of strength to a child when he/ she enters adulthood and takes on life’s challenges such as higher education, marriage, etc. The account offers a unique deposit for deposit feature that enables its balance to grow in greater proportions. Under this feature, every deposit made by the customer to the account will be rewarded by the bank with an additional deposit worth 10 percent of the customer deposit.

In addition, for faster growth of the account balance, Pan Asia Bank then pays an unbeatable annual interest of 5.25 percent (AER 5.38 percent) on the total balance. The interest is calculated on a daily basis and credited to the account at the end of each month.

For example, if a customer deposits Rs.100,000 to a Daskam children’s savings account, the bank will make an additional deposit of Rs.10,000 to that account immediately and begin to calculate interest at 5.25 percent (AER 5.38 percent) on the total balance of Rs.110,000.

The benefit of receiving an additional 10 percent deposit from the bank is valid for any number of deposits until the child turns 12 years of age.

At the core of Daskam children’s savings account is Pan Asia Bank’s ambition to provide a stable financial foundation for children when they turn 18, at which point they need to support for their higher education dreams, etc.

Meanwhile, you can also gift your child with a Mithuru Max savings account, which can be opened with a minimum deposit of Rs.500 and all children below 13 years of age are eligible to receive gifts based on their account balance in the following manner: Rs.1,000 – savings till, Rs.2,000 – pencil box, Rs.5,000 – lunch box and water bottle, Rs .10,000– school bag, Rs.25,000 – kids’ scooter or smart watch, Rs.50,000 – remote controlled helicopter or Bluetooth speaker, Rs.100,000 – Wi-fi drone or bicycle, Rs.250,000 – self-balancing scooter or tablet device and Rs.500,000 – Sony Play Station 4 (PS4) or voucher for a laptop.

In addition to the exciting gifts, children will also benefit from high interest rates of up to 4.75 percent p.a. (4.85 percent). Furthermore, all existing Pan Asia Bank Mithuru accountholders also will be eligible to receive these exciting gifts going forward, as their account balances grow.

The gift for deposit slabs up to Rs.50,000 can be directly collected from any Pan Asia Bank branch and there onwards, a voucher will be issued from the bank, where the respective gift item can be collected from a partner outlet.