ComBank’s ‘Isuru’unveils cash prize scheme for students that excel at Year 5 scholarship exam
The Commercial Bank of Ceylon has announced that holders of its ‘Isuru’ Minors’ Savings Plan who excel at the Year 5 scholarship examination will receive cash prizes with the launch of a new prize scheme on the lines of the existing scheme for the Bank’s ‘Arunalu’ Children’s Savings Accounts.
Commencing this year, the Bank said it will present cash prizes of Rs 200,000, Rs 150,000 and Rs 100,000 respectively, to the three students who secure the highest marks countrywide at the 2019 scholarship examination, if they are Isuru account holders. The Bank will also present cash prizes of Rs 50,000 each to Isuru account holders placed first in their respective districts.
Additionally, ‘Isuru’ Minors’ Savings Plan holders who are placed first, second and third in their respective schools will receive cash prizes of Rs 10,000, Rs 7,500 and Rs 5,000 each under this scheme.
To be eligible for these cash prizes offered to island, district and school level winners, a minimum balance of Rs 5,000 should be maintained in the students’ Isuru accounts on the date of the Year 5 examination, the Bank said.
If, however, the award recipient is a holder of an Arunalu as well as an Isuru account, only one award will be granted.
The Isuru Minors’ Savings Plan includes both a monthly deposit and a lump sum deposit scheme. Under the monthly deposit option, Isuru accounts may be opened for children who are between one day and ten years old, and parents may choose to save between Rs 500 and Rs 20,000 in multiples of Rs 500/- a month, for five or ten years.
With the lump sum deposit option parents could make deposits ranging from Rs 5,000/- to Rs 1 million at any time between the day the child is born and the child’s 10th birthday. Under this scheme, a depositor could make an initial deposit to obtain a pre-determined Guaranteed Amount payable on the 18th birthday of the child.
The 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
The most compelling feature of the Commercial Bank Isuru Minors’ Savings Plan is that the Bank undertakes to pay the final guaranteed amount when the child turns 18, even in the event of the monthly deposits being interrupted due to the untimely demise of the depositor.
The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for eight years consecutively, Commercial Bank operates a network of 266 branches and 830 ATMs in Sri Lanka. The Bank has won multiple international and local awards in 2016 and 2017 and over 40 international and local awards in 2018.
