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Blazing a pioneering trail in Sri Lanka’s banking sector, the NDB Bank launched a unique Savings Account named “Vishmitha”, which offers account holders a totally Interest Free loan of up to 75% of the average savings balance maintained in the account, once in every 12 months.NDB Bank Deputy Chief Executive Eran Wickramaratne said that this first-of-its-kind savings account is designed to support the savings habit among the Sri Lankan populace and give it a totally vibrant new dimension. “We’re endowing the traditional Savings Account with a revolutionary feature of interest free loans which appeals to a massive slice of the masses who still continue to have an unwavering trust in Savings Accounts as their main thrift instr ment.”

This account permits its account holders to obtain 75% of their average savings balance as an interest free loan once in every 12 months. These loans can be used for any purpose with no reasons required to be given to the bank. In fact the higher the account balance, the higher the loan option, while the available savings balance receives full interest even while the loan remains outstanding.With its comparatively high interest rate of 7% paid on the daily balance, the “Vishmitha” Savings Account comes with an attractive Pass Book. It also offers an ATM/ Debit Card free of charge, thus enabling customers to withdraw at any of Sri Lanka’s more than 1000 VISA ATMs, with no withdrawal free incurred.Customers can open a ‘Vishmitha’ account with a minimum of Rs. 2000/- at any NDB Bank branch island wide and with no restrictions on the number of withdrawals permitted.

The loan can be requested by making a simple request by letter, e-mail, fax or by filling up a loan application form at any NDB Bank branch and is repayable in 12 equal monthly instalments by depositing money into the savings account.

The minimum loan one can apply for is Rs. 5000/-. If one has obtained a loan against the savings account, an amount equivalent to the average balance will be held under lien until the loan is fully settled.

The same account can be operated over under lien amount to carry out usual transactions.Mr. Wickramaratne further said that the “Vishmitha” Savings Account is the ideal savings instrument for young executives and professionals, government sector employees and even housewives. “Such an account is also ideal for receiving salary payments since float balances contribute to increase the average account balance.

These Account holders can physically plan their spending patterns so as to ensure a higher balance at all times thus qualifying for a higher Interest Free Loan than they normally would be entitled to. Parallely since all benefits are only linked to the savings growth, the saving objective is not compromised in any manner”