Ran Kekulu Smart Investment

• Parents/Guardian can open accounts for children resident in Sri Lanka, below 15 years of age
• Standing order from the account opening parent/guardian is mandatory to open and maintain the account

Product Features

• Initial Deposit : Rs.2,000.00
• The Minimum Standing order values: Weekly : Rs.100.00 Monthly : Rs.250.00
• If the standing order becomes irregular for three consecutive times, the account will be transferred to a regular children’s savings account.

• Higher rate of interest : 2.5% higher interest than the normal savings account interest rate. 
  (Minimum interest is Rs.5/- per month and interest margin may vary from time to time)
   
• Ran Kekulu SMART Insurance Scheme
  » Surgical and Hospitalization Cover
     - Cover for hospitalization due to accidents and 12 defined critical illnesses
     - Benefits upto Rs.150,000/- per annum
     - Minimum balance of Rs.5,000/- should be continuously maintained for a minimum period of 12 months immediately prior to the incident
     - Should have been admitted in the hospital for a minimum of 24 hours, including one overnight stay
  » Death (natural/accidental) and permanent disability (due to accidents) cover for the account opening father/mother/guardian
     - Maximum of Rs.2.0Mn Insurance Cover
     - Minimum balance of Rs.50,000/- must be continuously maintained for a minimum period of 12 months immediately prior to the incident
     - The account opening parent/guardian is entitled to receive the benefits for a maximum of 3 accounts opened by him/her. Subject to a maximum benefit of Rs.2.0Mn
  
  Terms & Conditions
     - Insurance benefits are valid until the account holders are reach 18 years of age.
     - Benefits offered may vary from time to time.
     - Eligibility criteria defined by the Bank/Insurance company should be met to receive benefits.
     - The parent/guardian should be below 65 years of age at the time of the claim.
     - Account holder should be below 18 years of age at the time of the claim.
     - Benefits are paid, if and, when the claim is honoured by the insurance company and the benefit amount may vary based on the nature and extent of the incident (subject to exclusions).
     - Claims must be submitted to the Bank within 6 months of the incident.
   
• Grade 5 scholarship Scheme
  2,000 scholarships for top achievers at the Grade 5 scholarship Examination (scholarships value Rs.15,000/-)
  
  Terms & Conditions
     - Minimum balance of Rs.5,000/- must be maintained in a Ran Kekulu account one day prior to the date of release of exam results.

Conditions Apply

• Original birth certificate of the child and a photocopy (original will be returned to the customer)
• National Identity card of the parent/guardian
• Proof of residence of the guardian (if residence is differ from NIC address)
• Duly filled application
  සිංහල
  தமிழ்
  English

Terms & Conditions

Bank of Ceylon shall change, add or revise any condition/(s) and/or facility offered for any product or service. 

Call 1975 or visit the nearest BOC branch for information on current conditions.

1. Ran Kekulu Smart Investment account shall be opened for minors in the age of 15 years and below and should be opened by the parent/guardian. 
2. When the account holder reaches 18 years of age, the savings account will be converted to a Youth savings account/ PFC account depending on the ability of the account holder to satisfy the eligibility criteria relevant to these categories of accounts. A fresh mandate signed by the account holder to be submitted for activation. 
3. No withdrawals/closure of account will be permitted until the minor reaches 18 years of age. Withdrawals/closure of account will however be allowed only at the sole discretion of the Bank for the purpose or reasons which benefit the minor such as education, medical treatments etc. 
4. Standing Order facility is mandatory at the time of opening a Ran Kekulu SMART Investment account. The Standing Order should be continued until the age of 18 years of the minor.
5. Standing Orders not executed for three (3) consecutive transactions due to insufficient balance in the Standing Order Debit Account shall be cancelled as per the normal procedure.
6. Accounts not connected with a Standing Order (due to a Standing Order is not created or cancelled) shall be treated as irregular accounts and shall resulted in discontinuing the account under Ran Kekulu Investment Scheme. Such accounts shall be treated as Normal Ran Kekulu SMART savings account.
7. In the event of the account holder’s demise the balance in the account will be paid to the legal heirs of the account holder in accordance with the laws of Sri Lanka

Key Fact Document