Pan Asia Bank introduces Daskam children’s savings account | Daily News


 

Pan Asia Bank introduces Daskam children’s savings account

Nalaka  Wijayawardana,  Deputy General Manager Marketing
Nalaka Wijayawardana, Deputy General Manager Marketing

On the surface, the savings account in Sri Lanka has transformed over the years. From back when withdrawals were not possible without presenting a passbook, today you can hail a taxi, get restaurant food to your doorstep, or order stuff from Amazon with a savings account coupled with a debit card. .

Yet, the savings account has not fundamentally changed at all. It’s still largely considered a plain vanilla and generic product in Sri Lanka. Paradoxically, people don’t even open savings accounts to save, but only to collect their paychecks and manage their spending. Interest rates are so low that people don’t care much for it and wouldn’t even know what the rate is.

! For listed Pan Asia Banking Corporation (popularly known as Pan Asia Bank), finding deposit solutions that benefit people was a key priority. The bank believes you can make the most of any savings account; here are three tips to follow:

Understand why you need a savings account: Is it just a tool to collect and then spend your paycheque? By limiting number of cash withdrawals and using a debit card or online banking as much as possible to make payments, you could actually spend less. Cash in hand disappears fast is a near-universal truth.!

Furthermore, a banking app or SMS alerts will help you track every rupee you spend. Alternatively you may need a savings account to temporarily park excess cash from a bonus, car sale or inheritance you intend to use sometime soon because fixed deposits are not an option due to lock-in period? Why shouldn’t one be able to enjoy decent interest rate even from a savings account? These are some of the questions Pan Asia Bank was keen to address by introducing the ‘Champion Saver’ savings account. Which leads to the second tip.

Know your interest rate: Savings accounts probably carry the lowest interest rates in the market and people only think of rates when it comes to Fixed Deposits. However, it is important to know how much you can earn from your savings account, so you make well-informed decisions.

With Pan Asia Bank’s Champion Saver, you can earn market-beating rates for higher balances, making it an ideal account to park excess cash with interest calculated daily.

For instance, for balances over Rs300,000 Champion Saver offers 7%, which is close to the fixed deposit rates offered by some banks considering the current banking industry average interest rate for fixed deposits hover around 9.1%. “Most people are rate conscious when it came to Fixed Deposits. We broke that barrier and announced to the market that a regular savings account also could deliver decent returns. The first step is to be aware of the interest rate so you can make an informed decision,” says Nalaka Wijayawardana, Deputy General Manager Marketing, Cards and Deposit Mobilisation at Pan Asia Bank.

Set clear goals and take control of your money by picking the right tool: Goal-setting becomes more important when building an education fund for your kids. People primarily open children savings accounts to fund their kids’ higher education and there’s comfort in the fact that the monies cannot be touched until a child reaches 18. Understanding this primary need, Pan Asia Bank has introduced a useful children savings account called Daskam. This product offers a 10% additional deposit for every customer deposit made to the account until the child child turns 12 years and pays a high interest of 7.5% on the total balance, ensuring there’s a build-up of real wealth.

Even in the sphere of Fixed Deposits, Pan Asia Bank continued to pay meticulous attention to market needs which led to introduction of an innovative fixed deposit account under the name “Rising FD” last year.

This is a 2 year FD where the rate can vary only in the upward direction. With Rising Fixed Deposit the bank evaluates market rates every six months and if rates have fallen, the interest on your Raising Fixed Deposit will remain unchanged. If market rates have increased, the Rising Fixed Deposit will get a new higher rate: a win-win for those building a nest egg for retirement.

 


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