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Payment Assurance
What makes “ISURU” unique is the Entitlement Certificate issued by the Bank, which assures payment of the Guaranteed Amount despite any interest rate fluctuations or other unforeseen reasons (including depositor’s demise).
There are two deposit options available under Isuru, namely the Monthly Deposit Scheme and the Lump Sum Deposit Scheme.
"ISURU" Monthly Deposit Scheme
Under the Isuru Monthly Deposit Scheme you can deposit a selected amount from a minimum of Rs. 100/- to a maximum of Rs 2,500/- per month, or any amount in between that to suit your purse (in multiples of Rs. 100/-). The deposit period is also flexible which can be 2, 3, 4 or 5 years. Once you complete the Agreed Monthly Deposits within the agreed period, the Bank will issue the Entitlement Certificate.
"ISURU" Lumpsum Deposit Scheme
You will also have the option of making a single lump sum deposit, which will earn your child a bonus.. You can make deposits ranging from Rs. 1,000/- to Rs. 117,000/- (in multiples of Rs. 1,000/-) under this scheme. Upon making the deposit the Bank will issue the Entitlement Certificate for the full amount payable.
The 'Guaranteed Amount’ will vary depending on the amount of deposit and child's age when you commence saving.
Isuru Calculator
By using this calculator, you can find out the ‘Guaranteed Amount’ your child would get. Simply key-in the child’s date of birth, desired amount and period of deposit and you will be able to view the Guaranteed Amount. You can compare the Guaranteed Amount your child would get by keying in different amounts and periods.
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There are three options available;
Monthly Deposit - here you can input the desired amount of monthly deposit and the desired period of deposit and view the resultant Guaranteed Amount
Fixed Lump Sum deposit - the calculator will show the Guaranteed Amount based on the amount of Lump Sum you would make.
Pre-determined Guaranteed Amount - if you want your child to get a specific amount (max Rs. 1.0 mn) you can use this option. It will show you the amount you should deposit today to get the desired Guaranteed Amount when the child reaches 18 years. |
How to open an ISURU Account ?
Application forms for opening Isuru Minors Accounts can be collected from any Branch or a Supermarket Banking Counter of the Commercial Bank.
Simply complete and handover the Isuru Application Form, with a copy of the minor’s Birth Certificate*, to the Commercial Bank branch most convenient to you. Remember to take your National Identity Card or Passport along.
You can also download an Application Form, complete and send it along with the required documents to the Branch or Supermarket Banking Counter of your choice if you are not in a position to visit a branch.
* Whenever handing over applications personally, the original Birth Certificate of the minor together with a photocopy should be submitted (The original Birth Certificate would be returned). Otherwise a photocopy of the Birth Certificate should be attached to this application and the original should be produced by the beneficiary with the Entitlement Certificate at the time of claiming the Guaranteed Amount.
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