People’s Bank encourages the savings habit to enjoy a life of success

People’s Bank Deputy General Manager (Retail Banking)  Nalin Pathiranage

The inaugural International Savings Bank Congress held in Milan, Italy in 1924, designated October 31st as World Thrift Day. This global observance aims to instill the concept of thrift and foster a culture of savings, offering individuals a pathway to enhance their quality of life. 

Since that momentous occasion, Savings Banks worldwide have celebrated this event. In parallel, People’s Bank has since its inception encouraged and guided the people of Sri Lanka, including its valued customers, towards a financially robust future, imparting knowledge and nurturing a savings mindset.

Nalin Pathiranage, Deputy General Manager (Retail Banking) at People’s Bank, expressed the institution’s commitment to this cause, saying, “As a bank deeply connected to the general public of our nation, People’s Bank has been a pioneer in promoting the habit of saving among Sri Lankans. Our efforts have not only contributed to reducing rural debt but have also played a pivotal role in fostering national economic growth and development by promoting savings.”People’s Bank has facilitated financial thrift at every stage of life, from infancy to seniority, by offering a diverse range of deposit products. These accounts provide customers with enticing interest rates, maximum benefits, and the unmatched safety of a state-owned bank. In fact, it was People’s Bank that introduced Children’s Savings Accounts and Dedicated savings accounts for females in Sri Lanka.

While consistently identifying and addressing evolving customer needs with innovative product solutions, People’s Bank has remained in sync with international banking and financial advancements, expanding the horizons of banking in the country and venturing into the realm of digital banking.

A core objective of People’s Bank is to instil the savings habit from a young age, establishing a firm foundation for a secure future. Recognising children as the future of the nation, People’s Bank has introduced two savings accounts tailored for them, known as “Isuru Udana” and “Sisu Udana.” These accounts serve as vehicles for nurturing the savings habit in children at every possible opportunity.

The “Isuru Udana” account is designed for children from birth up to five years of age. People’s Bank introduced the Isuru Udana gift voucher, an ideal gift for newborns, which contributes to fostering the savings habit in children. These gift vouchers, available in denominations of Rs.500, Rs.1,000, Rs.2,000, Rs.5,000, and Rs.10,000, can be deposited into existing Isuru Udana accounts or used to open new ones. Children saving in Isuru Udana accounts are entitled to special gifts distributed through all People’s Bank branches.

When a child reaches the age of five, the Isuru Udana account seamlessly transitions into a Sisu Udana account. This transition supports children’s savings habits as they grow, empowering them in their educational and financial journeys. People’s Bank has consistently provided high interest rates, valuable gifts, and numerous benefits for these accounts. Numerous Sisu Udana banking units have been established across the island, reinforcing children’s belief in the savings process.

The YES Account, specially designed for the youth, aims to help them build financial security while pursuing personal and professional goals. People’s Bank has also embraced green banking through this account, offering high-interest rates and a host of special benefits. It allows youth to easily access loans for higher education.

Recognising the innate thriftiness of women, People’s Bank introduced the Vanitha Vasana account, a dedicated savings account for women. In addition, the Vanitha Vasana Money Planner investment plan account has been introduced to systematically enhance women’s financial standing through thrift.

The Parinatha Senior Citizens’ account, featuring attractive interest rates, is tailored for the elder members of the nation. This account also offers low-interest loans to support their financial needs.

Likewise, using the People’s Bank Debit Card is also a good way to strengthen your financial discipline. By making the payments directly with the Debit Card at the point of sale rather than withdrawing money through an Automated Teller or over the counter, you can avoid having extra cash on your person and therefore spending it in an unnecessary manner.

It is clear that opening a Savings Account with People’s Bank and obtaining a Debit Card through that, will aid you in building a 

thrifty lifestyle.

In line with People’s Bank’s commitment to providing comprehensive and convenient banking services, over 280 Self Banking Units (SBUs) have been established across the country, allowing customers to enjoy banking services 365 days a year, 7 days a week, and 24 hours a day without visiting a physical branch.

Moreover, the People’s Wave Mobile Banking App empowers customers to manage their finances through their mobile phones, making banking easier and more accessible. The People’s Pay Digital Wallet App offers a wide range of services, including making payments, settling credit card bills, mobile phone top-ups, and LANKAQR digital payments, from anywhere, at any time.

Embracing thrift in life not only secures your future and that of your loved ones but also contributes to the sustainable economic development of the nation. By practising thrift with People’s Bank, an institution that has introduced a range of savings solutions with the aim of bringing prosperity to every Sri Lankan through savings, a brighter future 

is assured.