People’s Bank encourages parents to foster habit of saving amongst children

To promote a sense of responsibility amongst young children, People’s Bank urged parents to open ‘SisuUdana’ accounts at the beginning of the school term for their children. 

Branches island-wide saw parents opening their children’s first bank account in order to encourage the children to learn the importance of savings for their future. Contributing to this initiative, People’s Bank pledged an initial deposit of Rs. 250 and may double that amount up to Rs. 500 depending on the deposit amount. This offer will be valid until the 31 March. 

The People’s Bank SisuUdana account not only provides attractive interest rates but also presents children with exciting gifts and other offers as their savings grow. People’s Bank also takes steps to award account holding students who perform exceptionally at the Grade Five Scholarship exam, GCE O/L and A/L examinations with special scholarships.

Another key benefit of the SisuUdana account is the ability to withdraw funds from the account at emergency situations such as for higher education and hospitalisation. It is not required that the account holder be 18 years of age in such instances unlike other minor’s savings accounts. They can make monthly deposits to the child’s ‘SisuUdana’ account as any other household commitment, by placing a standing order to support their busy lifestyles.

Parents who constantly strive to ensure a better future for their children have the ability of opening up a SisuUdana account at any of the 730 plus People’s Bank branches and service points island-wide. Furthermore parents can make deposits at the People’s Bank SisuUdana Units that are placed within the school premises. People’s Mobile Banking and Internet Banking can also be used to make deposits to the SisuUdana accounts from the comfort of your home.

Upon the account holder reaching the age of 18, a SisuUdana account is automatically upgraded to a People’s Bank Yes account. Yes accounts also provide a high interest rate, and loans schemes to ensure the personal and professional growth of the young account holders.

A good child is a treasure for the entire nation. It is a parent’s responsibility to nurture such a child. A child who reaches the correct age and maturity level is then handed over to a school to build him up to be an intelligent and humble human being. People’s Bank invites parents to take steps to ensure that their children are taught the habit of saving and build a financially sound future for them in the New Year.