The Bank of Ceylon (BOC) has an array of banking products and services in order to cater to the different needs of children.
Ran Kekulu is a children’s savings account from Bank of Ceylon which is focused on building a secure future for the child. It offers a wide range of financial and non-financial benefits through Ran Kekulu accounts, which can be operated without any risk.
This account provides an additional 1% interest and offers the account holder hospitalization/medical insurance charges up to Rs. 100,000 that covers 10 critical illnesses. Further an insurance cover is available for the depositor who opens the account up to a maximum of Rs 500,000. The depositor becomes eligible for an insurance cover to a maximum of Rs. 1 million if he/she maintains multiple Ran Kekulu accounts depending on the account balance. Furthermore, 2,000 scholarships worth Rs. 15,000 each are granted annually to Ran Kekulu account holders that emerge successful at the grade 5 scholarship examination.
“With the stability built over the years as a state owned Bank, BOC is the safest place for your hard earned money especially for a profitable long term investment for your child.
The uniqueness in this scheme is that parents can actually aim for a specifically targeted balance rather than saving randomly not knowing, what the final balance might be” stated the Deputy General Manager Sales and Channel Management, Senarath Bandara.
This newest investment plan offered to children of ages one to fifteen. There are four types of investment plans offered by the bank from Rs.500,000/- and going to as Rs.1 Million, Rs.2 Million and up to Rs.5 Million as the return at the maturity which yields an annual interest rate of 8% per annum over the entire investment period. The account will have to be maintained till the child reaches 18 years of age to obtain this benefit.
14 Plus is another special savings account introduced for teenagers between the ages of 14-17.