Bank of Tamil Eelam
As a unique repository of the homeland and a symbol of trust in people, a guardian and helpful partner in sustainable development, we work with the vision of connecting people in the depository work that manifests itself not only in the homeland but also outside the homeland.
Our people were forced to bear unbearable burdens because of prominant barriers however, as a result of this great burden, a new awareness among our people has not failed to emerge. The impact of sanctions, the resulting shortages, and the needs from those deficits made our people well aware of the need and importance of self-sufficieny.
It is my desire that our nation should develop into a self-sufficient and self-sustaining economic life.
His Excellency V. Prabhakaran,
National leader
Tamil Eela Vaippakam (Depositary).
The Tamil Eelam Vaippakam (Depository) which stands proudly as property of Tamils, is entering its tenth year. We need to strengthen and empower Tamil people. For a long time our national leader had the idea that they should start a depository system just for that. The Tamil Eelam Depository was established on May 23, 1994 for this idea. It was started on the principle that the Tamil people should archive and help rebuild from this destructive economic existence.
In today’s world order, we see how material power dominates. Multinational deposits have the power to determine world politics. The idea of creating a depository for Tamils emerged as one of the key forces in the formation of the Tamil nation. The result is the Tamil Eela Depository.
As far as any country is concerned, the government guarantees the customer’s deposits in banks there. Similarly, the regular deposits of the Tamil Eelam Depository are fully guaranteed by the Liberation Tigers of Tamil Eelam (LTTE).
Established in 1994, the Tamil Eelam Deposit is now in its tenth year. The Tamil Eelam Depository has made a significant contribution to the development of our nation by undertaking various depository activities during this year. We are committed to continuing this work for the better. We hope that all people will work with us to ensure that the nation gains the full potential of the Tamil nation by seeing the steady growth of the Tamil Eelam property. We express this with the far-sighted idea of “Tamil Eela Vaippakam (Depositary) as the Archive of Tamils”.
Mr. M. Veerathevan,
Managing Director,
Branches of the Tamil Eela Vaippakam (Depositary)
Early day of branches:
Jaffna 23-05-1994
Kilinochchi 05-06-1995
Nelliyadi 14-09-1995
Mullaitivu 14-05-1996
Rural Branches Opening Day:
Mankulam 07-07-1997
Viswamadu 01-06-2001
Puliyankulam 24-07-2002
Pallai 14-03-2003
Mulankkavil 14-01-2004
Tasks:
Fixed Deposits
Search Deposits Savings Deposits
Current Accounts
Search Certificates Savings Certificates
Seven Days Call Deposits Seven Days call Deposits
Foreign Currency Exchange
Loans
Further Drafts Overdrafts
Jewelry Pawn Broking
Check Purchase Facilities
Hire Purchase
Standing Orders Standing Orders
Packet Custody Service Packet Custody Service
Fixed Deposit schemes
Fixed Deposit Interest Rate
24 month fixed deposit 08.50%
12 Month Fixed Deposit 08.00%
06 Monthly Fixed Deposit 07.00%
03 Month Fixed Deposit 06.00%
24 Monthly Fixed Deposit (Monthly Interest) 08.00%
12 Monthly Fixed Deposit (Monthly Interest) 07.50%
Foreign Fixed Deposits
Foreign Fixed Deposit Schemes
Fixed Deposit Interest Rate
24 month fixed deposit 07.50%
12 Month Fixed Deposit 07.00%
24 month fixed deposit (monthly interest) 07.50%
12 Monthly Fixed Deposit (Monthly Interest) 07.00%
Foreign Fixed Deposit Schemes for Homeless Residents
THAYAKAOLI Non-Resident Foreign Fixed Deposit Schemes
Fixed Deposit Interest Rate
24 month fixed deposit 07.50%
12 Month Fixed Deposit 07.00%
24 month fixed deposit (monthly interest) 07.50%
12 Monthly Fixed Deposit (Monthly Interest) 07.00%
Search Deposits
Savings Deposit Schemes
Search Deposit Interest Rate
Adult Search Deposit Scheme 06.00%
Child Search Deposit Scheme 06.50%
Good Search 06.00%
Good Child Search 06.50%
Child Bill Scheme 06.50%
Spring Women Search Deposit Scheme 06.00%
Elixir Child Search 06.50%
Employee Insurance Fund Scheme 06.50%
Credit plans
Loan Schemes
Interest rate on loan schemes
Jewelry Loan Scheme 18.00%
Commercial Credit Scheme 16.00%
Development loan scheme
Agricultural Credit Scheme 15.00%
Fisheries Loan Scheme 15.00%
Industrial Credit Scheme 15.00%
Revolving Commercial Credit Scheme 23.00%
Self-Employed Credit Scheme 14.00%
Radioactive Module Loan Scheme 17.00%
International News Agency Praises Tamil Eelam Deposit Activities!
The LTTE’s bank ‘Tamil Depository’ is the safest bank on the island of Sri Lanka, according to the international news agency AFP. In this regard, the AFP Article published by the Institute.
In Sri Lanka, the LTTE does not have a security guard or surveillance camera to protect its bank. Nevertheless, the bank remains a safe haven for Tamils during times of war and peace. The Tamil Eelam Bank established in Kilinochchi is not approved by the Central Bank of the Government of Sri Lanka.
The bank operates in the LTTE’s administrative area with full fiscal policy management. The bank was established in May 1994. The bank was established 3 years after the formation of the Tamil Eelam Police. The Sri Lankan rupee is used in the LTTE bank. The interest rate on deposits in this bank is 8.5% higher than that of commercial Sri Lankan banks. The average interest rate on deposits in Sri Lanka is 5.7 percent.
Similarly, the interest rate on loans has been fixed at 9 percent to 18 percent, lower than the commercial banks’ rate of 11.42 to 33.6 percent.
Mahalingam Weerathevan, director of the bank, said that people used to deposit their jewelery and money during the war. They are heavily indebted during the peace talks. We are also working on savings projects for children.
Veerathevana, 36, Jaffna. Graduated in Business from the University. Weerathevan also said that at present $ 15 million has been deposited in the Tamil Eelam Bank. Tamil Eelam Bank does not publish profit and loss accounts. These details will only be handed over to a seven-member executive council directly appointed by LTTE leader Velupillai Prabhakaran. The 7-member Board of Directors decides and announces the monetary policy and interest rates of the bank.
“Government printing in Sri Lanka is increasing the rate of inflation in the trade situation. It also affects our business, ”said Veerathevan. Following the Ceasefire Agreement reached in February 2002, a large number of people received loans. They received this amount from the Tamil Eelam Bank to repair houses, start businesses, buy goods and set up solar power generation equipment.
Deposits of Tamil Eelam Bank increased from 30% in 2002 to 42% in 2003. Similarly, in 2002, the bank borrowing rate was 20 percent. This is 40 per cent in 2003, said Veerathevan. We do not receive installments at gunpoint. The LTTE is not being used for this purpose. We have hired educated graduate youth for these jobs, says Kandiya Balakrishnan, Managing Director, Bank of Tamil Eelam.
4 out of 12 branches of Tamil Eelam Bank are computerized. A plasma screen facility has been set up at the headquarters in Kilinochchi. The bank has 10,000 depositors and 300 current bank account holders.
Tamil Eelam Bank checks are not accepted in other parts of Sri Lanka except in Tamil Eelam administrative areas. The LTTE does not interfere in the affairs of Tamils living abroad, even when they receive money from state banks in Sri Lanka. Tamil Eelam Bank is not internationally recognized anywhere and is unable to communicate with late customers including the rest of Sri Lanka.
Although the Central Bank of Sri Lanka has declared it illegal to withdraw bank deposits, its orders do not apply to Tamil Eelam administrative areas. We asked Veerathevan why it was when he said that the money of this bank was not going to be robbed… he said in simple lines with a smile… “No one will try to rob us. Weerathevan said they would be safe here until an extraordinary situation arises in the country.
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