FRIENDS

WHAT "FRIENDS" IS?

"A way of permanent, life long income"

"FRIENDS" is a deposit savings scheme from NSB, which ensures depositors of a monthly income for life. The benefits of this scheme can be enjoyed by persons in any age group.

How to open an Account?

If you are over 18 years of age you can open a "Friends" account for yourself or on behalf of others. All what you have to do is to visit any NSB outlet and open an account with a minimum deposit of Rs. 100/- or multiples thereof.
You are required to deposit an equivalent amount monthly, for a specified period (105 instalments). At the end, you will receive a monthly income equivalent to your monthly deposit, for the rest of your life. Thereafter the monthly income can be drawn by a person nominated by you.

You also have the choice of completing the target amount by making a lump sum payment and drawing the monthly income for life from the very next month.

What are the benefits of this scheme?

If you are between 18 and 65 years of age at the time of opening a "Friends" account, the Sri Lanka Insurance Corporation will provide you with an insurance cover to continue the monthly payments up to a maximum of Rs. 500,000/= in the event of your death or complete disablement during the contributory period. You also have the option of doubling or trebling your monthly income by accumulating the monthly income in your account for further cycles and entitling yourself to receive twice or thrice the equivalent of the monthly contribution at the end of the second or third cycle.

If the target amount has been reached, you can obtain an instant loan not exceeding the account balance, against the guarantee of your account.

Why is the "Friends" Account indispensable?

• It is indispensable because it is a permanent income plan, which will secure your and your beneficiary’s future.
• For a businessman/self-employed it could be a retirement plan, which will provide a permanent, life long income.
• The “Friends” account can also be a supplementary income to those earning a monthly wage/pension.
• For a working girl who plans to stay at home after marriage/housewife, this will become her own personal income which would make her independent.

 

For interest rates

 

For more details contact NSB Call Centre (+94 112379379) 24 Hour Service