ComBank launches ‘Yasasa’ savings account exclusively for pensioners

The Commercial Bank of Ceylon has launched a savings account exclusively for government pensioners and their widows or widowers, to facilitate access to a host of special benefits the Bank provides to this segment.

The ‘Yasasa Pensioners’ Savings Account’entitles pensioners below the age of 69 to apply for an advance of up to 75% on their previous month’s pension, and to apply for personal loans of up to Rs 2.5 million with a longer repayment period of up to 10 years, the Bank said.

The account offers a higher interest rate on savings over other regular savings accounts of the Bank, and holders will be able to enjoy priority service at all branches of Commercial Bank.

‘Yasasa,’ can be opened with a minimum deposit of Rs 1000 and is designed to honour account holders for their dedication and commitment to state service, the Bank said.

The Bank will waive the joining fee and the first year annual fee on Credit Cards and offer Internet Banking and Mobile Banking facilities with no registration fee for these account holders. They will also be issued a Debit Card free of charge and can choose to appoint a nominee for their accounts.

Government pensioners, widows and widowers who receive their pension through the Government Pensions Department, pensioners of the Central Bank of Sri Lanka, and pensioners of the Ceylon Electricity Board (CEB) will be eligible to open a ‘Yasasa Pensioners Account.’

Current pensioners who operate Regular Savings, Anagi Women’s Savings, and Udara Savings and who have their monthly pensions remitted to these accounts can be transferred to a ‘Yasasa’ savings account upon written request, the Bank said.

The only Sri Lankan Bank to be ranked among the world’s top 1000 banks for nine years consecutively, Commercial Bank operates a network of 266 branches and 846 ATMs in Sri Lanka. The Bank has won multiple international and local awards in 2016 and 2017 and over 40 international and local awards in 2018.

Commercial Bank’s overseas operations encompass Bangladesh, where the Bank operates 19 outlets; Myanmar, where it has a Representative Office in Yangon and a Microfinance company in Nay PyiTaw; and the Maldives, where the Bank has a fully-fledged Tier I Bank with a majority stake.