Banking Sector in Sri Lanka | 5% sl-charity.
Good day my dear friends, as you all know, now our country is bankrupt. Imagine, what would happen if our country's banking system collapsed. What will happen to us? All my money is kept in two banks. That is the Bank of Ceylon (BOC) and National Savings Bank (NSB).
However, considering the current situation in the country, one of my relatives advised me to deposit the same amount of money with several banks. Do you know why? If a bank collapse, the government will pay us maximum Rs. 600,000/- as insurance. As a result, if we deposit in several banks, we will receive at least Rs. 600,000/- from each bank. For example, if I open a one-million-rupee fixed deposit with BOC, I may receive maximum Rs. 600,000/-, if the bank goes bankrupt. If I open another one million in NSB, I will receive additional Rs. 600,000/- from that bank also. If I deposit the two million in one bank without doing so, I will only receive Rs. 600,000/-.
Following that advice, I went to both banks today and closed all my fixed deposit accounts, except my senior citizen saving account. The money in all these accounts is then divided into five equal parts. One part was deposited in NSB, while the others were deposited in BOC, Sampath, DFCC, and CDB. I received the highest interest rate from NDB. Even though NDB is not a bank, I deposited there, since it offers the highest interest rate. BOC and NSB had the next highest interest rates. BOC and NSB offer 15% for three months at maturity. The bank with the lowest interest rate is Sampath Bank. Except for NSB, all other banks are within walking distance. As a result, my job becomes easier. However, because the NSB is in the middle of Gampaha Town, I had to travel there.
Even though all banks are crowded, I was able to complete everything in one day because of their excellent service.
In this sort of a time period, we have to worry about lot more things than what we used to worry about....
Yes, we will have to be more concerned in a short period of time.