As Sri Lanka marks World Children’s Day, Bank of Ceylon (BOC) is highlighting the important role parents, families and financial institutions can play in helping children develop sound financial habits while building a foundation for their education and future needs.
At the centre of BOC’s children-focused banking offering 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 positions Ran Kekulu as more than a conventional savings product, encouraging children to become actively involved in developing the habit of saving.
Ran Kekulu also offers a range of benefits designed to support children and their families beyond savings. These include insurance coverage of up to Rs.1 million for guardians, Rs.30 million worth of scholarships for 2,000 high achievers annually, Grade 5 Scholarship seminars, 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.
“The 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 BOC Senior Deputy General Manager and Head of Development and Branch Banking Badra Kalyanapriya Gurusinghe.
Financial decisions become part of everyday life as children grow, from managing their first allowance to eventually receiving and managing their first salary. BOC believes that introducing children to simple financial habits at an early age can help them understand the value of money, responsibility and the importance of planning for their goals.
This relationship can continue as children enter their teenage years and begin taking greater responsibility for their own finances. BOC 14 Plus provides a savings option for teenagers, while BOC 18+ Youth Savings is designed for young adults as they progress into higher education, employment and greater financial independence.
The progression from Ran Kekulu to 14 Plus and subsequently to 18+ reflects the changing financial needs of young people as they grow. What begins as savings managed largely with parental involvement can gradually develop into money that young people set aside independently for education, personal goals or their first major purchases.
For BOC, World Children’s Day is therefore an opportunity to look beyond celebrating childhood and consider the knowledge, habits and opportunities that children can carry with them into adulthood.
While a savings account alone cannot teach a child everything about managing money, involving children in the saving process, allowing them to see their progress and helping them understand the purpose behind saving can provide a practical starting point for developing financial awareness.
BOC invites parents and guardians to take the first step towards building a financial foundation for their children through the BOC Smart Ran Kekulu account. With BOC as a banking partner, saving for a child can become a long-term commitment towards supporting their education, aspirations and future needs.
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