Introducing Nations Tax Planner Accounts

The smart way to plan towards timely income tax settlement

In January 2020, the longstanding PAYE tax for salaried individuals was removed, and instead replaced with a quarterly income tax payment platform. The income tax payments need to be calculated and settled as a cumulative on a quarterly basis. Understanding the requirement of the general tax payer, Nations Trust Bank introduced the Nations Tax Planner Savings and Current Accounts; the smart way to plan for your quarterly income tax payments. This is a timely solution to manage your finances smartly and plan towards this quarterly tax payment. This plan would ensure that you have sufficient funds saved to make this tax settlement on time.

The Nations Tax Planner Account is an account that you can open alongside your other bank accounts. Depending on the income tax rate applicable to you, you can then set up a standing instruction with Nations Trust Bank to transfer the specific amount you will owe in taxes into your Nations Tax Planner Account, from your salary each month. At the end of each quarter, you can rest easy knowing that you have adequate funds to make your tax payments, along with extra savings as a result of the interest you may earn on the funds held in your Nations Tax Planner Account. You will also be able to access these funds without restriction, so even in an emergency you are covered.

The Nations Tax Planner Account may be opened as a savings account or a current account. You will only be required to ensure that you regularly deposit your minimum required monthly tax instalment. Both current and savings account holders will enjoy online and mobile banking facilities. Additionally, savings accounts may be opened via Nations Online Banking by existing customers and will come with a minimum interest rate of 3.5% along with a 50% fee waiver on the issuance of pay orders, if you choose to make your tax payments via a pay order. Current account holders will receive a chequebook for easy tax payments at the end of each quarter.

Speaking about the new Nations Tax Planner Account, Sanjaya Senarath, Chief Marketing Officer at Nations Trust Bank said, “People live busy lives and have various commitments and obligations. It’s very easy to forget about things like tax obligations with all the unexpected expenses. Therefore, we want to help our customers by simplifying things so that they can smartly set aside money for their tax commitments at the outset, and then pay with ease, thus enjoying peace of mind when the end of the quarter comes around. The Nations Tax Planner Account is a smart way to plan ahead and save towards meeting your tax commitments as a responsible citizen and also avoiding any troublesome levies and penalties for failing to pay on time.”

Open a Nations Tax Planner Account today by visiting any of Nation Trust Bank’s 96 branches island-wide. If you are an existing customer and wish to open a Nations Tax Planner Savings Account, you may conveniently do so by logging on to Nations Online Banking. For further information or queries you may reach Nations Trust Bank 24/7 via telephone on 011 4 711 411, or visiting the Nations Tax Planner page.

Nations Trust Bank PLC is among the top 15 business establishments in Sri Lanka as ranked by Business Today Magazine, ably providing a host of financial products and services to a wide range of customers. Nations Trust is also the bank behind Sri Lanka’s first fully-fledged digital banking experience, FriMi. The Bank operates 96 branches across the country, boasting an ATM network covering 127 locations and 48 Cash Deposit & Withdrawal Machines, plus more than 3,500 ATMs on the Lanka Pay Network and is a issuer and sole acquirer for American Express® Cards in Sri Lanka.