‘Millionaire’ and ‘Achiever’ were introduced targeting special financial mgt needs of youth: Combank DGM
As the largest private bank in Sri Lanka Commercial Bank of Ceylon PLC has many offerings, targeting the young and upwardly mobile professionals by way of investment plans and special financial services.
Commercial Bank’s Deputy General Manager Personal Banking, Sandra Walgama shares the details of such services introduced by the bank for the young professionals.
Does Commercial Bank have products and services that specifically cater to the young executives?
Commercial Bank has an extensive array of products and services that cater to customers of all walks of life. However the bank also recognizes the special financial management needs of executives of today and has introduced several unique products for their benefit. Two of them are Millionaire Account and Achiever Account.
Explain the benefits of a Millionaire Account from Commercial Bank?
Commercial Bank’s Millionaire account is an aspiration-linked investment plan that enables account holders to build up a target amount within a specific period without a high initial investment. It is designed principally to cater to a segment that needs to fast track savings for specific purposes such as the purchase of assets, children’s or own education or weddings. This product is a flexible, easy to manage investment plan that generates expected returns within a targeted period of time.
It guarantees the depositor a balance of Rs 500,000 or multiples of Rs 500,000 in two, three, four, five, or six years, depending on how much he or she is willing to deposit each month.
Depositors can nominate beneficiaries to receive the total amount invested without any penalty charge, in the event of their demise before maturity.
Depositors also can obtain a loan to the value of 75 percent of their balance for emergency cash requirements.
What are the special benefits offered from Achiever Account?
The ‘Achiever’ Current Account is designed to specifically meet the needs of young executives.
Executives within the targeted age group who earn a stipulated monthly salary are eligible to open ‘Achiever’ Current Accounts with a minimum deposit of Rs 10,000. Holders of Achiever Current accounts will receive a Debit card with NFC (Near Field Communication) ‘tap and go’ technology for Point-of-sale (POS) and on-line purchases, and will be exempted from the joining fee and first year’s annual fee when they apply for a Credit Card.
Achiever Current Account holders will also be eligible for pre-approved loans of up to 75 percent of the unused balance of their credit cards, instant cash by way of an overdraft of up to two months remitted salary subject to a maximum limit as well as lease facilities or personal loans up to 15 times their monthly remitted salary subject to a maximum limit.
Additionally, Achiever Current Account holders can earn a higher interest on idle funds through a sweep arrangement to a Super Saver Savings account, which the Bank will establish free of charge, linking both accounts subject to the minimum balances stipulated.
Commercial Bank will also provide its Online Banking facility free of joining fee and the annual fee for the first year, and if the account holder opts for e-statements, the Online Banking facility will continue to be available free of annual fees. The bank’s e-passbook facility will also be provided free-ofcharge for Achiever account holders.
Also our digital platforms such as Online Banking, Mobile Banking, Mobile Banking App and the e-passbook are available 24x7 for executives to carry out their financial transactions amidst their busy work schedules.