Beato back to promote savings with ...
Commercial Bank is rewarding the young savers of the country with a ‘Beato’ till named after the brand mascot of its popular children’s savings account Arunalu.
The bank’s branches around the country are handing out tills in the shape of Beato to every child that opens an Arunalu account with the qualifying initial deposit of Rs 1,000 or more.
Existing Arunalu account holders need not fear losing the Beato till they already have when it is time to open it andtake out their collected savings, because the Bank has pledged to provide
them with a replacement Beato till if they deposit the money in their Arunalu accounts.
The flagship children’s savings account of Commercial Bank, Arunalu also rewards students ranked in the top three positions at national level at the Year 5 scholarship examination with cash prizes of Rs 200,000, Rs 150,000 and Rs 100,000 respectively, if they are holders of Arunalu accounts and have a minimum of Rs 5,000 in the account on the day of the examination.
Additionally, Arunalu account holders ranked first in their respective districts at the examination receive Rs. 50,000 while account holders who have passed the examination andare placed first, second and third in their schools receive cash prizes of Rs 10,000, Rs 7,500 and Rs 5,000 each respectively.
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.