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Sri Lanka Army

Defender of the Nation

16th May 2016 17:27:04 Hours

Novel 'Savibala' Savings Account for Better Dividends

The special Savings Account with multifaceted dividends, designed particularly for Army personnel on an innovative proposal, made by Lieutenant General Chrishanthe De Silva, Commander of the Army to the Directorate of Pay and Record, was launched this afternoon (6) at the Army Headquarters as a project of the National Savings Bank (NSB), the country’s most leading provider of highest profits to the depositors.

The ‘Savibala’ five-year long Army-oriented Savings Account, operative from the year 2016 under two modules with an initial deposit of Rs 1000/= enables the depositor at maturity to receive insurance cover to the value of Rs 5 lakhs, personal loans for purchase of a vehicle on concessionary interest rates and additional deposits in every NSB ‘Hapan’ savings account for children. 

Under the Module 1, an Army member, depositing Rs 1000/= every month, were to receive a total of Rs 72,980/= at the end of the five-year term with the accrued interest while the Module 2 encourages the depositor to double increase the annual depositing quantum, making it to be a deposit of Rs 180,000/= at the end of the 5th year. Under this system, the depositor would get Rs 208,054/= with the accrued interest (Rs 28,054/=).  

Friday’s inaugural ceremony of the project, headed by Lieutenant General Crishanthe De Silva, Commander of the Army as the Chief Guest distributed 20 ‘Savibala’ savings books symbolically to 10 Cadet Officers of the Sri Lanka Military Academy and 10 new recruits at the Puttalam Recruit Training Centre.

An NSB delegation, led by its Chairman Mr Ashwin De Silva and Chief Executive Officer Mr S.D.N Perera attended the occasion as NSB staff responsible for its implementation.

Lieutenant General Crishanthe De Silva in his brief address to the occasion underscored that the project would benefit everyone in the long run as it serves a well-protected investment for the future.

An NSB official and Director Welfare at the Army Headquarters also spoke on the occasion.