Hatton National Bank recently introduced the first of its kind savings account for the migrant workers employed in the Middle East Countries.
The new savings product launched under the brand name “Adhishtana” is a savings account option with access to financing and insurance.
With an increase in the remittances flow to the country through migrant workers envisaged in the coming years, the new product will benefit both the receivers and senders of remittance to Sri Lanka employed in the Middle East countries.
Senders or receivers of remittances from any Middle East country can open the “Adhishtana” account where two options are available to save money under a general and planned savings account option (apart from the interest offered for the general savings account when opting to do planned savings an additional interest of 1% can be earned through this scheme) with an initial minimum deposit of Rs. 1,000 in comparison to normal savings, thus encouraging more savings among the segment. Keeping in line with the aspirations of a majority who seek foreign employment to fulfill the dream of a home of their own, the “Adhishtana” account paves the way for special housing loans from Rs.50,000/- to Rs.1,000,000/- and loans ranging from Rs.25,000/- to Rs.1,000,000/- to start small business enterprises together with business guidance and advise provided by the bank. Moreover, all “Adhishtana” account holders will be offered a life insurance cover of Rs 100,000/- where the bank will bear 50% of the insurance premium. In addition, both the savings schemes are eligible for a special raffle draw plus the Pathum Vimana Harvest Draw and the Year End Max draw by simply maintaining a balance of Rs.5,000 in the account for a full calendar month.
Hatton National Bank when promoting the product among receivers and senders of remittances will carry out financial education with the aim of promoting financial inclusion and empowerment among the rural households in Sri Lanka receiving remittances from the Middle East. The HNB “Adhishtana” savings accounts can be opened at HNB Customer Centres in Kurunegala, Galle, Elpitiya and Puttalam in the initial phase of the launch.