Union Bank unveils 55Plus for senior citizens

Since its inception Union Bank of Colombo PLC (UBC) has been synonymous for launching many firsts to the banking industry in Sri Lanka. Adding to its list of innovative banking products UBC launched the "55Plus" senior citizens fixed deposit bundling together the benefits of a high monthly interest and the unique value addition of paying 3 months interest upfront incase of an emergency to customers.

Highlighting on its latest innovation Union Bank's Deposit Mobilaisation Senior Manager Malinda Perera said that this unique product addresses two key areas with regard to senior citizens need to have an attractive interest rate of 9.5% monthly that recompense for a reasonable monthly income and a convenient avenue to cash at hand in case of an emergency with an opportunity to withdraw up to 3 months interest upfront thus ensuring peace of mind for all senior citizens. The benefits are available for all two year fixed deposits. Senior citizens are an integral part of the Banks customer portfolio and offering products and services to meet their financial needs is an imperative to UBC.

With "55plus" UBC offers Senior Citizens an opportunity for an investment avenue which is safe with a Bank with sound financial solidity (Fitch rating BB+(lka) and RAM rating BBB-P3) and the attractive interest rate of 9.5% monthly which is one of the highest in the market, provides senior citizens an opportunity for higher regular income.

The bank's superior service delivery ensures that they avail themselves of these benefits. The product is available to all customers who are 55 years of age and above with a minimum deposit of Rs. 200,000.

Union Bank's fixed deposits clearly provides the bank a competitive edge as UBC interest rates for fixed deposits have been the highest in the market and has enabled the bank to attract many new customers as well as increase the level of business from its existing customers. Currently, the bank offers attractive rate of 7% plus for short term deposits such as 03 months as well as a high rate of 9.5% plus for one year deposits.