Host of saving plans from People’s Bank to achieve success through frugality

31 October was declared World Thrift Day also known as World Savings Day following the maiden International Savings Banks Congress held in Milano, Italy in October 1924. Thrift Day was declared with the objective of spreading awareness on the concept of frugality, encouraging the practice of saving, and paving the way to uplift the living standards among all communities across the globe.

Over the last 56 years People’s Bank has introduced various saving plans to inculcate the habit of saving amongst the aspiring Sri Lankans. With a deep understanding towards the needs of its customers, the bank has constantly taken measures to present specialised solutions to its discerning customers, by going beyond the norms of traditional banking while keeping abreast of modern trends and emerging technologies of the world. 

Marking a revolutionary step, People’s Bank surpassed the boundaries of the local banking sector by embracing digitalisation in a bid to adapt to the modern customer requirements. As crucial step of this drive, People’s Bank introduced Self-Banking Units equipped with Automatic Teller Machines (ATMs), Cash Deposit Machines (CDMs) and kiosks to conveniently withdraw and deposit money as well as to pay utility bills. The Self-Banking Units are open 24 hours a day and 7 days a week, offering an ultimate banking experience. Furthermore, marking a significant milestone in Sri Lanka’s banking history, People’s Bank has also started establishing fully automated bank branches, where digital accounts can be opened, in addition to enjoying the facilities of mobile banking and internet banking. 

People’s Bank has introduced a multitude of saving plans to suit all ages ranging from the newborns to senior citizens. ‘Isuru Udana’ savings account is one such saving plan introduced by the People’s Bank solely for the benefit of children, which also offers Isuru Udana Gift vouchers as an ideal gift for newborn babies. This special voucher is a token to inculcate the habit of saving from an early age, instead of the practice of offering material items. Isuru Udana Gift vouchers are ideal for many occasions such as a gift to take along when visiting a newborn, attending their First Meal ceremony or Reading the first letters as well as birthday celebrations. Rewarding a child with a gift voucher such as Isuru Udana has the potential to lay a strong foundation to a financially stable future. Isuru Udana gift vouchers are available at Rs. 200, Rs. 500, Rs. 1,000 and Rs. 2,000 values, and they can be used as a deposit for Isuru Udana children’s savings account or to open a new savings account. What’s more, the Isuru Udana gift vouchers can be purchased from any People’s Bank branch. 

Isuru Udana savings account converts into Sisu Udana savings account when the respective child completes 5 years of age. A child who undergoes education enters the society as a virtuous and wise individual. Education must be offered strategically, thus requires the proactive involvement and guidance of parents as well as the teachers. It is the aim of the People’s Bank to provide a strong financial backing to support the children who excel in education. At present, People’s Bank has opened a large number of Sisu Udana savings accounts at schools island-wide. The bank has also taken measures to train selected students from the respective schools to maintain the school banking units. 

Furthermore, Isuru Udana and Sisu Udana savings accounts reward children with various gifts and benefits to further inculcate and encourage the habit of saving. Accordingly, People’s Bank has taken steps to reward all children with a host of gifts at branch level, from 1 October to 31 December in conjunction with the World Children’s Day which falls on 1 October. 

People’s Bank also awarded valuable gifts to Sisu Udana account holders who passed the Grade 5 Scholarship exam. Accordingly, the students who ranked Island first, second and third places received scholarships worth Rs. 150,000, Rs. 125,000 and Rs. 100,000 respectively. Scholarships were also awarded at district levels where students who ranked District first, second and third places received Rs. 25,000, Rs. 20,000 and Rs. 15,000 respectively. 

In addition, the bank also presented 2,000 special scholarships worth Rs. 5,000 each based on the students’ district level performance, while all Sisu Udana account holders who scored above the district cut off marks were also rewarded with a host of gifts. Moreover, the respective schools that produced the first, second and third rankers of each district were also rewarded with cash prizes. People’s Bank has introduced the YESsavings account solely for the youth of the country, in a bid to support their personal and career goals within a financially secure environment. YES account offers the young account holders a high interest rate and a number of special benefits. In addition, YES account holders have the privilege of obtaining loans conveniently for their higher education or when purchasing a vehicle of their own among other requirements. 

Moreover, People’s Bank has introduced the concept of green banking through its YES account to the youth of the country. Sri Lankan youths now have the privilege of moving towards a sustainable future while preserving the ecological balance. Through this concept, People’s Bank sends all its correspondences and bank statements via email, without requiring the use of bank passbooks and printed statements. 

People’s Relax saving plan is a special account introduced by the People’s Bank to the youth of Sri Lanka to help them build a financially secure future while contributing towards the country’s development. Through this savings plan, People’s Bank extends its support to the youth to continue saving with the aim of building a retirement fund. People’s Relax is also a flexible savings plan as it allows the account holder to predetermine the age to receive the retirement benefits. 

People’s Bank was the first bank in the country to introduce a special savings account dedicated to Sri Lankan women. This special account – ‘Vanitha Vasana’ facilitates a program to offer loan schemes to the account holders. One of the important steps taken by the People’s Bank organise programs to felicitate women through its branches island-wide, in conjunction with the International Women’s Day which falls on 8 March. 

The bank has also paid special attention to the country’s senior citizens, introducing ‘Parinatha’ Senior Citizen account. This account offers attractive interest rates in addition to introducing low interest loan schemes for the benefit of the account holders. 

People’s Bank offers a host of loan schemes for its customers. These schemes include People’s Wisdom Loan for those pursuing higher education, People’s Professional Loan for professionals and People’s Auto Loan to facilitate vehicle loans. In addition, the bank offers loans under concessionary interest rates to those engaged in diverse sectors and disciplines including self-employment, agriculture, development, micro finance, trade and consumer requirements, fisheries, construction, cooperative, real-estate development, housing as well as tourism and hospitality requirements. 

In recognition of its outstanding contribution to the development of saving in the country through the introduction of various saving plans, People’s Bank was awarded the ‘Best Banking Group’ and the ‘Most Sustainable Bank in Sri Lanka for 2017’ awards for the fourth time at the World Finance Banking Awards Ceremony. In addition, world renowned The European Global Banking and Finance Awards 2016 awarded the People’s Bank with the coveted ‘Bank of the Year – Sri Lanka’.

Furthermore, People’s Bank has won the ‘Brand of the Year’ award and the ‘Service Brand of the Year’ awards at the Brand Excellence Awards ceremony in 2009. At the 2016 Brand Excellence Awards ceremony, People’s Bank’s YES savings account clinched the ‘Brand of the Year’ award. In addition, the bank also won People’s Award for the Best Banking and Finance Service Brand of the Year awards for 10 consecutive years. 

Inculcating the practice of frugality and saving will protect the future of you and your loved ones, and will pave the way towards a sustainable economic development in the country. All Sri Lankan citizens are encouraged to develop their practice of saving and frugality with the support of People’s Bank’s host of saving plans and build a financially secure and successful future.