Upali Gunarathne

National Savings Bank (NSB) as its national duty mobilizes funds from the general public and invests these funds in profitable ventures and also are involved in collecting foreign remittances through proper legal channels – from those who are employed in abroad and all these activities are performed to benefit the Sri Lankan economy immensely.

Upali Gunarathne , Chairman , NSB said that towards achieving these goals, NSB has launched various campaigns. He said that from April 2008 , for the 1st time in Sri Lanka , the National Savings Bank introduced a low cost , fast and convenient system known as Eurogiro to sending money from Korea to Sri Lanka . This offers additional benefits to prospective customers who open NRFC/RFC Accounts with NSB or send money from Korea .

The National Savings Bank has joined hand with Korea Post , the biggest post office network in Korea , consists of 2800 post officers .

Lowest Cost –

Since the both parties are operating as government organizations , and the remittance system is web based electronic system , the cost would be 2/3 lesser then the cost involved in other systems .

Fastest –

Within just two days the money can paid . This is a electronic money transfer system and since all the branches are linked together information could be transmited very fast .

Trusted –

Both The National Savings Bank and The Korea Post are government organizations . This will ensure trust and also the National Savings Bank is the only bank which hold the full government guarantee for both the deposit and interest .

Convenient -

Korea Post has 2800 post offices in South Korea . The network is the largest in Korea . This will help the Srilankans to make the remittance very easily . Also NSB has 134 branches and over 4500 post office net work to pay the money in Sri Lanka .

The additional benefits that would accrue with the opening of these accounts are: highest attractive interest rates; special benefits for housing loans including – lower interest rates for housing loans; reduced deposit period for eligibility for housing loans under the Ranmasu Savers Housing loans scheme; express loan within 24 business hours , option of online opening of NSB NRFC accounts etc .

Other facilities generally enjoyed by NRFC/RFC accounts holders are: standing orders to Rupee Accounts without commission; rupee loans up to 90 percent of the NRFC/RFC account balance at attractive rates of interest; gratuity payments up to Rs 1,000,000 ( Subject to terms ) ; etc.

Gunarathne , said that one of the main objectives of the present system is to make the remittance much easier to the Sri Lankan nationals working in Korea .

He said that in this business NSB is quite new and the Central Bank has given approval for deposits for NRFC Accounts only in 2005. He said that people are now aware of the NSB could offer this facility and the progress of the account opening is very much up to target .

If those who go abroad for employment wish to open accounts at NSB , all the person should do is – before going abroad, visit the International Division or any branch of NSB, complete an account opening form and obtain an account number or they can open up an account through the web www.nsb.lk .

A Ranmasu NRFC card that contains details required for remitting funds will be issued . On receipt of the first remittance, the account would be activated. If someone is already abroad, a letter/e-mail is sent to NSB or telephone them requesting an account opening form. The forms would be mailed to the given address. The form is also available on our website www.nsb.lk . On receipt of the completed form together with draft/remittance, the account would be opened and a Ranmasu NRFC card is mailed. Any number of accounts could be opened by a person.

The bank has retained its rock solid AAA (lka) rating for yet another year. NSB is the only local bank that has been awarded this gilt-edged rating that has placed the bank in the forefront of the banking industry. NSB is also the only state bank to be excluded from the COPE report which is evidence enough to prove that the bank is free from any form of corruption.

The bank introduced NRFC accounts in order to promote foreign remittances into the country targeting the 2 million Sri Lankans living abroad mainly in the Middle Eastern countries, Italy, Japan , South Korea etc. This will stop the country’s foreign exchange income from being channeled through unofficial money laundering channels. Through our NRFC accounts NSB intends to promote foreign exchange income through the bank’s official channels.

"When you open an NRFC account the interest income is tax free. Most people who are employed overseas come back with the intention of building a house. NSB provides its NRFC account holders housing loan facilities by submitting monthly remittances for those who are unable to submit their salary particulars. We have linked our remittance facility with our housing products and account holders who remit money through NSB for six months become eligible for our housing loans at our special rates of interest. NSB is presently the leader with regards to providing housing loans and our customers’ services are excellent", added Gunarathe .

"A NSB NRFC account can easily be opened through the bank’s web site where customers can send money through the bank’s official agent of that particular country. Our aim through the Ranmasu Themasa promotion is to double the present NRFC balance within three months, a target which we have already achieved.

The bank has already signed remittance agreement with 22 agents overseas with regard to inward remittances . NSB has also stationed a NSB representative in the UAE to help facilitate remittances from that particular region .

With a view to promote remittances from around the world , the bank has obtained the membership of SWIFT . Our BIC is NSBALKLX .

We look forward to the challenges that the future will bring as the bank is in the process of transformation and we are extremely optimistic about the new role that the bank is carving out for itself with regards to providing exceptional financial solutions. We will continue to invest in staff training and development, IT as well as investing in human resources. The bank intends to link its growth with that of the staff’s career goals and create win-win situations for both the Bank and its employees", concluded Gunarathne .

NSB’s direct remitting agents are available in Bahrain, Canada, Italy, Kuwait, Oman, Qatar, UAE and United Kingdom. These accounts are exclusively for those leaving for employment abroad; presently employed abroad and those who have returned from employment in overseas