PAN Oceanic Bank (POB) on Tuesday launched its savings deposit campaign scheme at its Hyundai Mall branch in Honiara.
The bank’s Chief Operating Officer Adrian Nigel said this is a product innovation scheme where the bank will give out gifts to its customers for huge deposits.
The free gifts scheme for the bank’s customers is for the normal general savings accounts depending on the deposit a customer makes.
Mr Nigel said for the product innovation scheme there are four amendments.
If someone deposits $2,000 in the savings account, POB will give the customer a free gift voucher.
Second, if a customer deposits $5,000 POB will also give the customer a gift voucher with a higher value.
The third option, if a person deposits $7,500 POB will give the customer an airtime package from Our Telekom.
The fourth option is if a customer deposits $10,000 he or she will receive a free mobile phone also from Our Telekom.
POB is partnering with Our Telekom for this savings deposit campaign scheme.
During yesterday’s launching the first five lucky customers received their separate gifts because of their high deposits into their individual savings accounts.
Speaking on behalf of the lucky customers Angela Votaia said they are pleased with the new scheme launched by POB.
“I thank POB for this new initiative.
“This new scheme is good in assisting families and individuals to do savings.
“Whatever I have in place especially to run a small business to assist my family, this scheme is answerable to all my financial needs.
“In terms of economic growth, being part of this scheme will be a boost to locals when they practice saving as it will also help the economic growth of the country,” Ms Votaia said.
POB Chief Executive Officer Suresh Amerasekera told the media during a press conference yesterday that savings is a vital component of a country’s economic growth.
He said this is one way they are supporting financial inclusion in the country which is also one of the millennium development goals.
The scheme is also to improve per-capita savings which was said to be very low in the Solomon Islands.
Mr Amerasekera said the scheme is also looking to address the low interest rate and high charges by commercials banks, which have been the hindrance to local Solomon Islanders to do savings within existing banks.
POB stated that the target market for the scheme is people with fixed monthly income and self-employed.
Existing or new savings account holders are entitled to be part of the scheme, where a part of the interest is paid in advance as a gift.
Some of the other features of the savings account is that it offers the best interest rate in the market, no service charge, and a more personalised and efficient service.
By RONALD TOITO’ONA