BOC Senior Citizen’s Account towards the golden years of life

The Bank of Ceylon ( BOC), which has been able to assist people of all walks of life with products and services that are tailor made to cater each segment, says its senior citizen’s account aims to boost their confidence through multiple benefits within the account.

Currently BOC Senior Citizen’s savings account, offers higher interest rate than a normal savings account along with a free debit card. This account too can be powered up as a “SmartGen” account and enjoy free debit card and free digital banking facilities such as free online banking registration, it said in a media release.

The account holder or in the case of joint account- account holders should be above the age of 55 years. However he/ they can nominate any person below the age of 55 by filing a special nomination form.

“Taking part in the Government initiative to encourage and build confidence within senior citizens in the country, BOC opened up a special interest scheme applicable for a fixed deposit of a senior citizen. Only an amount up to Rs. 1.5 million will be entitled for this special interest rate fixed deposit and withholding tax will be exempted for these. BOC offers another exclusive opportunity to senior citizens to build a stronger retirement with a loan facility up to a maximum of Rs. 1.5 million that has a repayment period up to 10 years subject to special conditions. Senior citizens who are between ages of 55 years and 67 years can apply under this loan scheme and the loan amount will be decided on the monthly loan installment being within the 40 per cent of gross pension. The loan amount will be scheduled to be recovered in full three months prior to the applicant reaching the age of 70 years,” it said adding, that “conditions apply”.