Combank Arunalu increases value of top tier prizes for Year-5 scholarship winners
Top achievers at this year’s Year-five scholarship examination will win more in cash from the Commercial Bank of Ceylon, which has announced an increase in the prize money to be awarded to holders of its ‘Arunalu’ children’s savings accounts.
The bank said it will once again reward students placed first, second and third at the national and school levels and those placed first in each district through its threetiered scholarships scheme implemented via the Arunalu children’s savings account.
The students ranked in the top three positions at national level this year will receive Rs.200,000, Rs.150,000 and Rs.100,000 respectively, if they are holders of Arunalu accounts, the bank said.
Additionally, Arunalu account holders ranked first in their respective districts at the examination will receive Rs.50,000 if they are Arunalu account holders, while account holders who are placed first, second and third in their schools will receive cash prizes of Rs.10,000, Rs.7,500 and Rs.5,000 each respectively.
All cash prizes will be credited to the winners’ Arunalu savings accounts.
In 2017 alone, the scheme rewarded over 700 Arunalu account holders with cash prizes valued at Rs.6.3 million.
The minimum requirement for Arunalu children’s savings account holders to be eligible to receive these cash prizes is a balance of Rs.5,000 in their Arunalu accounts by the date of the scholarship examination.
An Arunalu children’s savings account which offers the highest interest rate of 6.5 percent for children’s savings accounts can be opened at any of Commercial Bank’s branches with a minimum deposit of Rs.100.
The Arunalu account can be converted to one of the bank’s many other savings accounts when the child reaches the age of 18, making the account holder eligible for a Commercial Bank debit or credit card, as well as to apply for personal loans for educational purposes.