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

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

Branches island-wise saw parents opening their children’s first bank account in order to encourage children to learn the importance of savings for their future.  

For all grade ones who open a Sisu Udana account, People’s Bank will double their deposit (up to Rs. 500). In addition, all new deposits of Rs. 3,000 and above entitle the accountholder to receive a valuable box of trilingual magnetic letters as a gift. This offer will be valid until 31 March 2016. 

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

Another key benefit of the Sisu Udana 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 accountholder be 18 years of age unlike with other minor’s savings accounts. They can make monthly deposits to the child’s Sisu Udana account as with 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 to open up a Sisu Udana account at any of the 740 plus People’s Bank branches and service points island-wide. Furthermore, parents can make deposits at the People’s Bank Sisu Udana Units that are placed within the school premises. People’s Mobile Banking and Internet Banking can also be used to make deposits to the Sisu Udana accounts from the comfort of your home.

Upon the accountholder reaching the age of 18, a Sisu Udana 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 accountholders.

People’s Bank invites parents to take steps to ensure that their children are taught the habit of saving and building a financially sound future for them in the new year.