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Since 1955, DFCC Bank – the Bank for Everyone – has played a prominent role in transforming the lives of its customers by actively promoting and incentivising the habit of saving. This commitment has empowered Sri Lankans to become financially independent while achieving their dreams and goals for over six decades. World Thrift Day is commemorated annually on 31st October across the globe, serving as a platform to champion the significance of saving and financial security on both an individual and national scale. As leaders in this initiative, Banks have consistently been at the forefront of cultivating and facilitating the culture of saving within the public, thereby contributing to advancing living standards while supporting the national economy.

In celebrating World Thrift Day, DFCC Bank’s Aasiri Iddamalgoda, Senior Vice President-Head of Retail Banking and SME, sat down with us to share the Bank’s view on the importance of promoting saving as a habit and recent efforts taken by the Bank amid an economic crisis to ensure more customers engage in savings. He also touched upon some of DFCC Bank’s innovative savings products.

The following are the excerpts from the discussion:

Q1 – Why should people save? How does it benefit the individual and the nation?

Cultivating a savings habit is an imperative, not merely an option.

The increasing uncertainty of the future is a compelling incentive for individuals to exercise greater financial prudence. This momentum has led many to embrace the concept of thriftiness, often through first-hand experiences that emphasise the pivotal role of savings as a financial safety net, safeguarding against unforeseen emergencies, be they natural disasters or other unexpected contingencies.

Every unit of currency saved today constitutes an investment in one’s future. At DFCC Bank, we recognise the profound significance of savings and have implemented measures to recognise and reward our valued customers for embracing this commendable practice. The act of saving is essential for fostering security and contentment in one’s life, making it necessary to instil this habit in children from a young age. As conscientious financial institutions, we mark World Thrift Day alongside our esteemed customers, where we underscore the critical importance of savings in achieving a more secure and prosperous future.

Q2 – As one of the country’s strong and most reputed Commercial Banks, how does DFCC Bank support its customer base to cultivate and develop their saving habits?

Supported by over 68 years of expertise in banking, DFCC Bank has successfully met customers’ evolving requirements by leveraging its longstanding experience in the banking sector while utilising the latest available technology in its products and services. Aligned with this, we offer tailor-made savings solutions for anyone from infancy to maturity until seniority, with attractive interest rates and other benefits.

DFCC stands apart from its industry peers through its commitment to delivering exceptional customer service and convenient access options, further increased by its seamless digital platforms. We are poised to launch a Non-Face to Face (NF2F) digital account opening process. This innovative approach will incorporate state-of-the-art video verification technology, facilitated by our “DFCC Video Chatz” video banking service, hosted on the Bank’s advanced trilingual website. This advancement empowers customers to initiate the account opening process digitally, eliminating the need for in-person branch visits and enabling them to do so at their convenience from any location.

Q3 – What are some key savings products DFCC Bank offers customers?

The DFCC Extreme Saver Account is widely recognised for its competitive interest rates and is structured to ensure that interest earnings correspondingly grow with savings deposits, catering to individual and business needs. This account affords elevated interest rates for both the Sri Lankan Rupee and foreign currency savings, contingent upon the account balance maintained by our valued customers.

DFCC Bank offers a trio of distinctive children’s savings accounts: DFCC Junior, DFCC Junior Plus, and DFCC Teen. The DFCC Junior Savings Account is designed to instil and nurture saving habits in our youth. It includes various unique incentives, such as gift items, vouchers, e-vouchers, and rewards. Parents or guardians can open these children’s savings accounts on behalf of their children with a modest initial deposit. Additionally, we have introduced the DFCC Teen account, catering exclusively to the age group of 13 to 18 years, affording independence and respect while maintaining responsible oversight.

In appreciation of the dedicated service of our senior citizens to the community, we present the “DFCC Garusaru” Saving and Fixed Deposit accounts. These offerings are tailored to give senior citizens benefits and the most attractive interest rates, offering a structured and goal-oriented financial approach. Complementing our diverse account offerings, we have recently launched the unique DFCC Investment Planner account.

We provide various account types for individuals, each catering to specific financial objectives. We extend Business Accounts tailored to meet the needs of corporate clientele. Moreover, our Individual and Business Foreign Currency Accounts (BFCA Accounts) are tailored to facilitate international transactions and the conservation of foreign exchange earnings for business purposes. These account options are available across various bank account categories, encompassing Savings, Current Accounts, Fixed Deposits, and Term Deposits. Our customers can conveniently access these accounts through our extensive branch network across the island.

Q4 – Cultivating the habit of saving at an early age remains critical for children to become financially responsible in future; how does DFCC Bank promote saving habits among our children?

The initial introduction of a savings account for children is undeniably one of the most effective means to impart the significance of savings to them. We firmly believe in the necessity of acquainting children with the concept of saving from a tender age. Childhood represents a crucial developmental stage during which a person is highly impressionable, and cultivating positive habits can leave an unforgettable mark on their psyche as they mature into adulthood. Consequently, DFCC Bank has assumed a proactive role by launching a series of initiatives to support parents in instilling these essential saving habits within their children early on. In alignment with this objective, we have instituted offline and online initiatives to enhance financial literacy among children, collaborating closely with numerous educational institutions and schools. DFCC Bank has also organised workshops and seminars for students preparing for the Grade 5 scholarship examination.

DFCC Bank’s Junior Savings Accounts have redefined the paradigm of savings for children, infusing it with excitement and remarkable rewards. These accounts unlock enticing benefits, including coveted gift vouchers from esteemed merchants and access to an extensive array of e-gift vouchers from more than 110 vendors island-wide, converting aspirations into tangible rewards. Through our Value Credit Scheme, the accrued gift amounts are promptly credited to the account, boosting the gratification and purpose of savings. At every significant juncture in your child’s journey, be it the Grade 5 Scholarships, O/L Examination milestones, or the momentous 18th Birthday, our DFCC Junior Reward Schemes commemorate these occasions with substantial cash rewards, reaching up to LKR 100,000. The DFCC Junior Savings Account, tailor-made for young savers embarking on their path toward financial independence, and the DFCC Junior Plus Savings Account, offering an impressive 10% p.a. interest rate for balances exceeding LKR 1 million, provide exceptional choices for those aspiring to attain higher levels of savings.

DFCC Bank introduced a special promotion for DFCC Junior account holders to commemorate World’s Children’s Day. This exclusive offer presents a Digital Smart LED watch as a gift for every deposit of Rs. 7,500 or more. Furthermore, children are entitled to receive additional gifts per their respective gift tiers within the program. To extend the principles of saving towards sustainability, education, and the pursuit of life goals, DFCC Junior consistently organises a series of engaging activities for its account holders. Notably, the Bank conducted many events throughout October to celebrate Children’s Day, spanning its branch network. These events included art and essay competitions, tree-planting initiatives, sporting and talent competitions, health and medical camps, educational workshops, seminars, and more, scheduled throughout the year. These initiatives collectively foster a sense of responsibility and preparedness for the future, aligning seamlessly with the overarching ethos of saving.

Q5 – What is unique about the DFCC Investment Planner, and how can it help people to save better?

DFCC Investment Planner presents a meticulously designed and targeted strategy, providing a comprehensive solution for realising your financial aspirations. In an era where maintaining financial control is of utmost importance, this tool equips customers with the capability to seamlessly work towards accumulating substantial savings. This is achieved through monthly investments, with plan durations ranging from 2 to 15 years for Sri Lankan Rupee deposits and 5 years for foreign currency deposits. This structured approach entails consistent monthly contributions over a specified time frame, ensuring a guaranteed rate of return and facilitating the attainment of your investment objectives. The versatility of this offering is highlighted by the ability to select deposit amounts and maturity periods, accommodating a broad spectrum of financial goals. With its promise of secure and guaranteed returns, DFCC Investment Planner instils peace of mind and confidence in your investments, and notably, it is also accessible to minors.

Q6 – What is DFCC Bank’s message on World Thrift Day?

It has become increasingly apparent that catastrophe can strike with little warning. Consequently, we strongly emphasise adopting a savings mindset and cultivating thriftiness, even in times of apparent prosperity. The present moment presents a valuable opportunity for those who have yet to embrace the practice of saving to make it a regular and ingrained part of their lifestyle. Committing to saving habits makes a broader range of financial possibilities accessible, leading to increased financial independence and autonomy.

DFCC Bank is committed to delivering our valued customers the highest market interest rates. Our customer-centric approach pushes us to continually introduce fresh deposit solutions that cater to diverse customer demands, meticulously tailored to align with their evolving needs. We are dedicated to integrating the latest technologies into these propositions, making them attractive and distinctive in the market.

Aasiri Iddamalgoda, Senior Vice President-Head of Retail Banking and SME- DFCC Bank