Business News from Sri Lanka: BOC’s Nanajaya Scholarship Awards 2018, a worthy initiative of the Bank of Ceylon aimed to empower country’s youth, is set to award to deserving youth in the country in a ceremony scheduled to be held at the Bandaranaike Memorial International Conference Hall (BMICH) Colombo on Friday, September 27th 2019. The ceremony is held in order to encourage youth to pursue their higher-education aspiration after passing their A/L examination exceptionally well.
This scholarship is formulated as a monthly endowment to support the student during their study. As for the 2018 scholarship program, a total of 379 scholarships worth Rs.11.6 Million is scheduled to be awarded. Bank’s scholarship program to encourage Sri Lankan youth to begin in 2003 and so far has provided 1857 scholarships to deserving students.
This year too, scholarships will be offered for the highflyers of six streams namely Biology, Physical Science, Commerce, Arts, Engineering Technology and BioSystem Technology 2018 A/L examination. out of the total number of scholarships allocated 79 Merit scholarships, each worth Rs.48,000/- will be awarded for students who have been ranked as top 13 in the island from each stream, provided those students have fulfilled the eligibility requirement of maintaining an Rs.10,000/- continuously for a period of six months from August 1st 2018 till January 31st, 2019. Following the same eligible criteria, all other scholarships each worth Rs.36,000/- will be awarded for the top 2 district ranks (based on the Z-score) from each province.
In combination with the country’s Premier Youth savings account “BOC 18 Plus”, this initiative has adapted a similar platform to that which the Government has laid to encourage higher education through “Mahapola” scholarship program. So that students will be assisted by the Bank to cover up their additional expenses up to four years- for merit scholarships and up to three years- for regular scholarships.
Empowering the youth through digital transformation the bank has made its services available to the customer through many unconventional modes such as Social media and online modes. B-App, QR Code based payment- Smart Pay, Smart Online Banking, Smart FD, Smart Passbooks and Apply Online Loan facility. This branchless, paperless and cashless modes assist customers to access the Bank without having to visit a branch to get their banking needs fulfilled.
Then, facilities such as BOC Digi, wide-spread ATM/CDM network- SmartZone and 24-hour banking counter at the Bank’s Head Office Personal branch ensures customers will have the access to seamless transactions throughout 24 hours a day. BOC believes that it has genuinely added value by these initiatives that empowered customers to carry out their banking anytime, anywhere whenever they need to. With the Bank’s 24-hour available call center on number 1975, anyone can reach the bank for urgent needs that requires special attention.
Bank of Ceylon’s “18 Plus” savings account is linked with the “SmartGen” facility and it is the fastest growing youth savings account in the country for its salient features that address the need of convenience and speed of young generation. It offers No-pass book transaction facility, free online banking facility, Free SMS alert service on account transactions made to the account and free e-statement facility apart from attractive features that are offered by the “18 Plus” account. Customers are also eligible for an International Debit card that will be activated instantly upon opening the account.
Existing especially for those within the age group of 18-25, “18 Plus” offers benefits that could be enjoyed even until the age of 35. This account carries a number of financial and non-financial benefits: a Hospitalization insurance cover to a maximum value Rs. 100,000/- that covers 10 critical illnesses and a life insurance cover to a maximum value of Rs. 500,000/-. Account holders are also entitled to an additional interest of 0.5%, special loan scheme for the account holder based on their existing account balance, a special gift on their wedding day, They are also entitled for a free account for their first child from the Bank with a complimentary cash deposit based on the 18 Plus account balance.