NDB Bank Launches the “Remit Saver” to Empower Migrants and Fuel Economic Growth

In a bid to enhance financial inclusivity and commemorate International Migrants Day, NDB Bank proudly unveiled its latest offering, the "NDB Remit Saver," on the 18th of December. This purpose-built savings account, designed to empower Sri Lankan migrant workers and their families, caters to the unique financial needs of those seeking employment overseas, those already working abroad, permanent resident migrants, and their families residing in Sri Lanka.

The standout feature of the NDB Remit Saver is its highly competitive interest rate. Offering an additional 1% interest over the general savings rate for balances surpassing LKR 1,000 (currently standing at an attractive 3.50%), this account provides a lucrative avenue for account holders to witness substantial growth in their savings.

Taking a holistic approach to financial well-being, the account includes an exclusive insurance scheme. This covers the family members – spouse and children below 18 – of the migrant worker who initiates the Remit Saver savings account. In cases where the account holder is unmarried, parents are also included, ensuring comprehensive protection for the entire family.

Breaking barriers to entry, the NDB Remit Saver allows migrant workers to open the account with a "zero" balance, eliminating any initial deposit requirements. This flexibility aligns with the diverse financial circumstances of individuals actively seeking employment overseas.

With the launch of the NDB Remit Saver, NDB Bank takes a significant stride in championing the financial well-being of Sri Lankan migrant workers and their families. Additionally, with foreign currency remittances playing a pivotal role in Sri Lanka's economic fabric, the account seeks to enhance the nation's foreign exchange reserves. By encouraging regular remittances and responsible financial practices, the account not only empowers individuals but also contributes to the overall economic resilience of Sri Lanka.

Additionally, the Bank was the pioneer in introducing an AI-based VKYC verification option, available through the NDB NEOS app. This breakthrough enables Sri Lankans based overseas to effortlessly open their accounts through a hassle-free, secure, and efficient digital process. The NDB NEOS app, available for download on both the Apple App Store and Android Play Store, exemplifies the bank's dedication to providing cutting-edge banking experiences tailored to the demands of the modern world.

As NDB Bank continues to forge ahead in the realm of financial inclusion, the NDB Remit Saver stands tall as a testament to its unwavering dedication to providing innovative, accessible, and impactful banking solutions for all Sri Lankans.

NDB Bank is the fourth-largest listed commercial bank in Sri Lanka. The Bank was named the Retail Bank of the Year (Sri Lanka) at Asian Banking & Finance Retail Banking Awards 2023 and the Best Corporate Bank 2023 by Asiamoney and also emerged as the Most Awarded Corporate in Sri Lanka in 2022 for the second consecutive year, as per the annual rankings of Sri Lankan publication LMD. The Bank was adjudged the Best Bank in Sri Lanka 2022 by Global Finance USA and Euromoney in their annual best bank awards programmes. Additionally, The Bank was named one of the "Top 50 Best Workplaces in Sri Lanka 2022" by Great Place To Work, USA. NDB is the parent company of the NDB Group, comprising capital market subsidiary companies, together forming a unique banking and capital market services group. The Bank is committed to empowering the nation and its people through meaningful financial and advisory services powered by digital banking solutions.