The Commercial Bank of Ceylon has launched a new and a unique Savings Account designed exclusively to support the youth at one of the most decisive phases of life with special benefits that can help advance their aspirations, and to also reward achievements.
A Vibe Youth Account can be opened by any Sri Lankan between the ages of 18-35 years, and will offer an interest rate that is 0.5% p. a. higher than regular savings accounts, provide employed youth Personal Loans, Leasing and Home Loans at interest rates that are 0.25% p. a. lower than published rates, and offer instant loans of up to 90% on their available account balances.
Furthermore, Vibe Account holders will be entitled to Educational Loans up to Rs. 1 million. This facility will be available to the employed, self-employed professionals and non-employed youth. Laptop and computer loans too can be applied for under the Personal Loans category, up to a value of Rs. 175,000 or more if necessary, after evaluation of requirements.
Commenting on the launch of the new Savings Account, Commercial Bank Deputy General Manager – Marketing Hasrath Munasinghe said: “Youth is a pivotal and demanding stage in anyone’s life. It is a time in which major decisions about academics, career and life are made. Vibe was designed to support the youth in some of the challenges they face by exclusively catering to their typical and specific financial requirements.”
Vibe is an individual statement savings account that can be opened with a minimum deposit of Rs. 1,000. The bank said e-passbook and e-statement facilities will be offered free-of-charge along with Online Banking free of joining fee and annual fee for the first year. A Debit Card too will be available to these account holders with special Debit Card offers tailor-made for the segment.
The bank said Isuru and Arunalu Children’s Savings Accounts that mature when the minor turns 18 can be converted to Youth Fixed Deposits with a special interest rate that would be 0.5% p. a. more than the published rate for the first year of the fixed deposit. Account holders will thereafter be eligible for regular interest rates.
Additionally, a free minor’s savings account can be opened for every new born child of Vibe account holders, with an initial deposit of Rs. 500 which will be borne by the bank.
A reward of 10,000 Max Loyalty Rewards Points with a redemption value of Rs. 10,000 also awaits any Vibe Savings Account holder who is placed first at a national level sports event or represents a national sports team at an international tournament recognised by the Ministry of Sports or the International Olympic Committee. These points can be redeemed when making online purchases including air tickets, hotel packages, car rentals and a wide range of electronic, electrical, lifestyle, household and gift items.