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Future Pensions Plan

Now you can retire

with a smile

We all want to retire with a smile one day. For you to enjoy a comfortable retirement, Commercial Bank offers you Future Pensions Plan.



 

The Essentials

  • Choose between a monthly installment option or a  lump sum deposit option

  • An annual bonus equivalent to your monthly pension amount

  • A free Surgical and Hospitalization cover 

  • An annual bonus equivalent to your monthly pension amount

  • Ability to open joint pension plans

 

If you are aged between 18 – 65 years, your pension plan can be opened under any of the following 5 categories.

Age

Pensions Plan

1) Between 18 - 54 yrs

Deposit equal installments every month till you are 55 years old and start receiving your pension at the age of 55

2) Between 18 - 54 yrs

Make a single, lump sum deposit and start receiving your pension at the age of 55 or 60

3) Between 18 - 59 yrs

Deposit equal installments every month till you are 60 years old and start receiving your pension at the age of 60

4) Between 18 - 59 yrs

Make a single, lump sum deposit and start receiving your pension at the age of 60

5) Between 55 - 60 yrs 

Make a single, lump sum deposit and start receiving your pension from the end of the same month

6) Between 60 - 65 yrs 

Make a single, lump sum deposit and start receiving your pension from the end of the same month (Withholding Tax will not be applicable for this age category)

* Monthly installment or the lump sum deposit depends on the monthly pension amount you wish to receive and your current age.

 


Your monthly pension amount

You can receive a monthly pension starting from Rs.10,000/- up to any amount

 

Monthly pension receiving period  

You have the option to select 15,20 or 25 years as the pension receivable period for your pensions plan.

 

Special benefits that the Future Pensions Plan offers you

  • A free Surgical and Hospitalisation cover for Rs.50,000/- annually from the age of 55 to 75 years.
  • An annual bonus equivalent to your monthly pension amount during the pension receivable period.
  • Joint pension plans can also be opened if both parties are aged between 60 - 65 years.
  • Ability to nominate your spouse or any other beneficiary who will continue to receive the monthly pension and the annual bonus until the end of pension receivable period, in the event of your unexpected demise.
  • Ability to open any number of pension plans under your name
  • An attractive interest rate of 7% (A.E.R 7.22%) for your deposit. (A.E.R. - Annual Effective Rate)

Pension amount will be subjected to the applicable Government Taxes during the pension receivable period.

 

Terms & Conditions - Future Pensions Plan >> 

Frequently asked questions >> 

 

Terms & Conditions apply
Product information and terms & conditions are subject to change from time to time.
Therefore, it is advisable to contact the branch nearest to you for the latest information and prevailing terms & conditions.

Open an Pension Plan

Who can open accounts

If you are a resident Sri Lankan aged between 18 – 65 years you can open an account.

What you need to bring 

National Identity Card, Driving License or Passport

How to apply

Download application form and submit the filled form to any Commercial Bank branch

Apply now

Download