Young millionaires thro’ ComBank package

The Commercial Bank of Ceylon this week said it was offering ‘a millionaire at the age of 18’ package to parents of new born children.

Under its re-launched Isuru scheme, parents have the option of paying just one lump sum at the point of opening the account, or making monthly deposits for a period between two to five years.

The savings account can be opened at any time till the child is 16 years old, and matures when the child reaches 18. An account can be opened with a minimum of Rs 100 per month.

The bank said an agreed monthly deposit of Rs 1000 that commences when a child is one month old and is maintained for just two years, will yield Rs 172,280 when the child turns 18. With a deposit of Rs 2500, the maximum monthly instalment possible, Rs.430,705 will be received at 18 under the same scenario.

A deposit of Rs 2,500 a month commencing up to one month after birth and running for five years pays Rs 816,329 at 18 years, the bank said, adding that the high point of the Isuru scheme is its ‘millionaire’ option, which requires a parent to deposit a lump sum of Rs 117,000 when the child is a month old. The child, on his 18th birthday will receive Rs 1,003,696.