BOC has introduced the above value added product to the market where it provides a wide range of benefits to the users due to its significant features. It is an investment planner for the future. Investors have opened up one hundred thousand accounts with us since its inauguration in the latter part of January this year. This exercise has exceeded the banks expectations in a very short period of time.

Fully-fledged Investor Account services are available throughout the country from the net-work of branches. Priority has been given to investor convenience and flexibility. It is aware that this product has the features of conventional savings account and formal fixed deposit account. This investment planner boosts a sense of savings culture and a financial discipline among the general public. Investor account earns greater returns. This product has been lined up with special draws among the investors at the end of each month up to April 2009 and bonanza awaits them as prizes.

I had the privilege of meeting C.Samasinghe, Deputy General Manager (Product & Development Banking) of Bank of Ceylon and obtained answers for FAQs on their illustrious product.

This particular product has become very prominent among the fixed income earners and it made me to meet him for the second time in short spell of three months to find out from him ‘what next’ lined up for this investment planner.

I would like to emphasis that people are competent in the selection of proper investment methods and extremely conscious of the returns and the security of the investment. We have done a survey on this scenario and have found that people tend to invest more in BOC Smart Investor Accounts than those of the formal methods as it has been the attitude of strong desires to invest for children’s higher education and their matrimonial commitments, purchase of lands, vehicles, household utensils, in building up retirement funds and shares in corporate business and in development of micro business enterprises.

BOC being a state bank always has the responsibility in uplifting the small business entrepreneurs in order to enhance their business activities. They contribute immensely for the growth of the economy of the country. They could use the salient features of the investment planner and at the end it will be possible to use the invested money for their business development.

Yes. With a standing order at the bank. However, it is much safer if you could always keep an additional amount in the account similar to that of the installment amount to avoid possible difficulties.

Q What happens if an installment payment gets delayed?

It is quite possible to continue the investment planner but the investor will not get the guaranteed amount. To avoid such a situation we advise the investors to deposit one or more installments when they are in a position to do so. Thus, it will set off the negative effects of the delayed payment and will lead to realize investors dream plan.

Yes. Mind you, due to the fact of busy schedules lined up for the day’s work people forget to effect payment in time that will reduce the guaranteed amount.

Yes. It’s possible. Installments could be remitted through another bank using the SLIPS payment system and with a standing order at the issuing bank.

Q Is it possible that the installments be made earlier as a lump sum payment?

Yes. It is most welcome. In which event one could receive a higher amount than that of the guaranteed sum.

No. But to obtain a loan against the paid up amount of the planner is always possible.

Any number of such accounts could be opened for Rs.100,000/- or Rs.50,000/- multiples, who plans to invest in millions of Rupees.

This value added product has been introduced to the general public for a short period of four months. However up to now we have got huge amounts of requests for opening of accounts. It has been noted that during this period more investors have thronged around us and invested their hard earned money for the confidence placed on us as the leading banker and the protection given to their investments. General public are guaranteed with attractive rates in the financial markets and security for their investments.

It is always possible to continue with addition of more values and with a new face-lift to the existing product. This will also enable to support the potential enterprises with their future financial requirements to develop the business activities. Furthermore, I wish to add that we have achieved much more investors than we have predicted. This alone proves how much people desire in investing with the BOC Smart Investor due to the confidence placed on us being the pioneer in banking industry in the island.

I am very proud to state that all the employees (i.e from the Chairman, Board of Directors, General Manager, the top management and down to the lowest grades) persistent contribution has made this affair a success.

With this achievement we have introduced two clubs for this product namely Achiever’s club and Investors club which has its own features of attractive benefits to its members and many more additions to add more values to it..