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Thursday, 24 January 2002  
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NSB launches two more services to diversified range

The National Savings Bank (NSB), the premier savings institution in Sri Lanka will add two more services to their diversified range of products and services for the benefit of customers from today, a bank official said yesterday.

"A majority of Sri Lankans working abroad maintains accounts with the NSB. With a view to help these customers, the NSB will be accepting Travellers Cheques and Foreign Currency Notes for the credit of their accounts," he said.

The Bank decided to enter this area of activity as some of the clients brought to the notice of the bank that they had to go to some other financial institution to get their foreign exchange converted to Sri Lankan rupees and carry large sums of rupees for deposit at the NSB. The bank with its new concept of The Family Bank took serious note of the customers' requirements and obtained the blessings of the Central Bank for this purpose.

The original plan was to launch these services towards the latter part of the second quarter of this year. However, with the Government's 100-day program of rapid development and assistance to Sri Lankans, the Management of the NSB thought it is appropriate to introduce these services in January so that Non Resident Sri Lankans too would benefit from the Governments 100-day development program, the official said.

Seventeen branches of the Bank had been identified for the launch of this service. The branches include Anuradhapura, Beruwela, Borella, Chilaw, Galle, Gampaha, Head Office, Kalutara, Kandy, Kotahena, Kurunegala, Matale, Matara, Moratuwa, Negombo, Nugegoda and Wennappuwa. Initially these branches would accept Travellers Cheques for the credit of their clients' accounts. From the latter part of February the same branches would accept Foreign Currency Notes. Before the end of the first half of this year, these services would be available in all 101 branches of the NSB and its five Savings Shops.

The clients who would benefit from these services include Sri Lankans working abroad who are in Sri Lanka on vacation, Sri Lankans who have worked abroad and returned after completion of the contract and Sri Lankans who have travelled abroad who have unexpended foreign exchange.

The advantages to the depositor would be an attractive rate of exchange for the conversion, immediate credit on the day of deposit, variety of the foreign currencies that are being accepted, ability of the depositor to earn interest on the balance from the day of the deposit or transfer to another high interest earning investment depending on the future cash flows of the depositor and other advantages associated with accounts at the NSB.

Under the Family Bank concept, NSB clients could expect a variety of products and services hitherto not provided by the bank.

Crescat Development Ltd.

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