As Sri Lanka marks World Children’s Day, BOC is highlighting the role that parents, families and financial institutions can play in helping children develop these skills while also creating a financial foundation for their education and future needs.
At the centre of BOC’s offering for children is Ran Kekulu, its dedicated children’s savings account. While the account enables parents and guardians to build savings for a child over time, BOC sees its purpose as extending beyond the amount accumulated. Encouraging children to participate in saving.
Ran Kekulu also provides benefits aimed at supporting children and their families beyond conventional savings. These include insurance coverage for guardians of up to Rs. 1 million, Rs. 30 million worth of scholarships for 2,000 high achievers annually, Grade 5 Scholarship seminars, No of 10,000 gift items for students who qualify for the Grade 5 Scholarship, and additional Grade 5 Scholarship opportunities for differently abled students, subject to applicable terms and conditions.
“Children’s Day is an opportunity to think not only about what we can give our children today, but also about how well we are preparing them for tomorrow. Teaching children to understand the savings habit, to save towards something they want and to make responsible choices are lessons that can remain relevant throughout their lives. Through Ran Kekulu, Haritha Kekulu, Diyawara Kekulu and PFC Minor for children, BOC aims to support both children and parents as they build that foundation,” said Badra Kalyanapriya Gurusinghe, Senior Deputy General Manager / Head of Development and Branch Banking at Bank of Ceylon.
Every child will eventually have to make decisions about money, from managing their first allowance upto handling their first salary. Bank of Ceylon (BOC) believes that preparing children for these decisions can begin much earlier through simple habits that help them understand the value of money, responsibility and planning for what they want to achieve.
That relationship can continue as children become teenagers and begin exercising greater independence. BOC 14 Plus provides a savings option for teenagers, while BOC 18+ Youth Savings caters to young adults as they move into higher education, employment and greater responsibility for managing their own finances.
The progression from Ran Kekulu to 14 Plus and subsequently to 18+ reflects the changing financial needs of a young person. What begins as savings managed largely with the involvement of parents can gradually become money set aside independently for education, a personal goal or a first major purchase.
For BOC, Children’s Day therefore provides an opportunity to look beyond celebrating childhood itself and consider the knowledge, habits and opportunities that children will carry into adulthood.
A savings account alone cannot teach a child everything about money. However, involving children in saving, allowing them to see their own progress and helping them understand why money is being set aside can provide a practical place to start.
BOC invites all parents and guardians to take the first step towards a brighter future for their children by joining the BOC Smart Ran Kekulu account. With BOC as a trusted, steady and reliable banking partner, saving for your child can become a long-term investment in their education, dreams and future
