ComBank to widen Senior Citizen account base with relaunch of ‘Udara’

The Commercial Bank of Ceylon has announced that it has relaunched its ‘Udara’ Senior Citizens Account with new features and special interest rates to widen the account holder base and offer more rewards to this customer segment.

The Bank has reduced the minimum initial deposit required to open an Udara Savings Account from Rs 5,000 to Rs 1,000 and now offers Udara Fixed Deposits from Rs 10,000 upwards. Other new features include the introduction of a Statement Savings Account in addition to the existing Passbook Savings Account for this category and offering ePassbook and eStatement facilities free of charge.

Both Udara Savings and Fixed Deposit Account holders will also enjoy a special interest rate which is higher than the rates for regular savings and fixed deposit products. Furthermore, Udara customers are accorded priority service at any Commercial Bank branch upon submission of their passbook, debit card or special identity card, the Bank said.

The Bank also offers discounts to Udara Account holders when purchasing drugs at the pharmacy at its Reid Avenue branch in Colombo, and will periodically offer exclusive discounts on healthcare services at partner hospitals for Udara customers.

In addition, Udara Senior Citizens Savings Account holders are provided a free branded Debit Card which offers year-round discounts. Access to ComBank Digital, mobile banking and SMS alert facilities too will be available free of registration fee and first year annual fee, the Bank said.

The interest rates for the Udara Senior Citizens Account are calculated on a daily basis and credited monthly. Any Sri Lankan citizen above the age of 60 is eligible to open an Udara Account and can open a Joint Account, with another senior citizen.

Customers can access their Udara accounts 24/7 from anywhere around the world through the Bank’s Online Banking platform – ComBank Digital, Mobile Banking, and ePassbook services in addition to enjoying the convenience of widely-available automated touch points such as Cash deposit, Cheque deposit and Cash withdrawal machines.

Commercial Bank is Sri Lanka’s first 100% carbon neutral bank, the first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 11 years consecutively. It is the largest lender to Sri Lanka’s SME sector and is a leader in digital innovation in the country’s Banking sector. The Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.