NSB offers new products, services

Ganga Pradeepa

The National Savings Bank has introduced a host of new accounts and products for people from all walks of life, said Deputy General Manager (Operations) of NSB K. Amaratunga. The NSB now has the widest reach among Lankan banks, Amaratunga said.

She further stated that any person over 7 years of age can open a savings account where interest is calculated daily and credited monthly at computerized branches and at non-computerized branches it is calculated monthly and credited annually.

NSB also has Post Office Passbook Savings Accounts where depositors could deposit or withdraw money through any Post Office or Sub Post Office situated islandwide.

"Hapan Accounts" are meant for minors between 7 and 16 years of age and can be opened and operated by minors themselves, whereas "Punchi Hapan Account" are for infants below 7 years of age and can be maintained by parents/guardians. "Thepal Hapan" Accounts can be opened and operated through Post Offices and Sub-Post Offices islandwide. Account holders are entitled to Year 5 Scholarship awards held annually and many more fabulous prizes.

Ithuru Mithuru Accounts are for youth between 16 and 30 years of age. They can be opened with an initial deposit of Rs. 100. This account pays 1 per cent more interest than normal Savings Accounts.

The "Sthree' Account is exclusively designed for women over 16 years of age. If a balance of Rs. 10,000 is maintained for more than 12 months, the account will be entitled to an annual bonus of 1 per cent on the account balance. Personal loans and Pawning Loans are also granted at reduced rates to Sthree account holders.

"Friends" offer account holders over 18 years of age, a monthly income for life, after a series of equal monthly payments. Accounts holders are also provided with an Insurance Cover to complete monthly payments in case of death/complete disablement.

"National Savings Certificates" also pay interest upfront, and are available in various denominations for periods from 3 months to 4 years.

The "NSB Extra XL Bonus Savings Scheme" is an account which offers dual benefits to customers.

On one hand the account acts as a Fixed Deposit, offering advantages and a high rate of interest, and on the other acts as a normal Savings Account, giving the account holder the flexibility to withdraw funds at any time.

"Ridee Rekha" Premium Savings Certificates" make savings incredibly rewarding. As along as you do not encash your certificates you will continue to participate in every Draw held quarterly and win fabulous prizes including a brand new car worth millions of rupees.

"Mihindu Sevana Housing Loan Scheme" enables permanently employed monthly wage earners, income-taxpayers or those who are employed abroad to obtain housing loans repayable in 10-30 years at comparatively low rates of interest for construction/renovation of houses, purchase of houses and building blocks and for redemption of debts incurred on housing.

"We also have a unique "Express Housing Loan Scheme" under which loans are granted in just 24 working hours," Amaratunga said.

"Our "Alankara" Housing loan scheme offers loan to improve your home by way of landscaping, interior decor, pantry cupboards.

"Ran Sahana" Pawning Advances offer another alternative facility to lending by accepting gold jewellery as a pledge against advances granted at comparatively low rates of interest," she added.

"Rata Ithuru" Savings Account is especially designed for migrant workers and offers them, a free account with an initial deposit. Account holders are entitled to obtain pre-departure loans and housing loans. Foreign currency transactions are also made available.

Under the "NSB Ranmasu" Non Resident Foreign Currency Scheme, (NRFC) Sri Lankan nationals working abroad are eligible to open NRFC accounts with the NSB. Accounts may be opened in the form of Savings Accounts or Fixed Deposits for periods of 1, 3, 6 or 12 months.

Sri Lankan Nationals resident in Sri Lanka who are in possession of USD 500 are eligible to open "NSB Ranmasu" Resident Foreign Currency accounts.

NSB also offers a Gratuity Payment Scheme where payments are made to the dependants at the death of an account holder, on the basis of the balance in his/her Pass Book, up to a maximum limit of Rs. 1,000,000 in addition to the normal interest payable on the account.

The most important feature offered by the NSB is the "Government guarantee" on the repayment of your deposits and interest thereon.

The ability to nominate beneficiaries to your accounts is also a special feature. Products and services offered by the NSB are also available through all Post Offices and Sub Post Offices situated islandwide.