People’s Bank has been offering a wide selection of financial services for six decades.
Especially, to cater to its over 14 million customers, People’s Bank has been offering a wide selection of savings accounts for all age groups from infants to senior citizens. As a result of its true value product offerings, currently People’s Bank has the country’s largest Children’s Savings portfolio.
Under its Children’s Savings portfolio, People’s Bank offers two distinct product offerings. ‘Isuru Udana’ is a savings account for children from birth up to 5 years of age, while ‘Sisu Udana’ account caters to schoolchildren from 5 to 18 years of age. Both products were designed with attractive value additions to inculcate the habit of saving from a child’s early days.
For several years, the Bank has been encouraging parents to open Isuru Udana accounts by providing an initial cash deposit for every single baby born in the country. From inception, the Bank has made it a point to provide these children the highest interest rates together with attractive gifts and benefits in order to help their education.
Deputy General Manager (Retail Banking, Process Management and Quality Assurance) of People’s Bank Renuka Jayasinghe - shared her views on this.
Children are the future of a nation and they remain a country’s lifeblood. Therefore, it is the duty of the parents/guardians to provide them with the best education and proper guidance in order to ensure that their future is secure.
Saving is an investment for the future and children should be taught the habit of saving from their childhood years. To further support this cause, People’s Bank has established Sisu Udana School Banking Units in schools across the island thereby helping students to understand the concept of banking and providing them with the means to conveniently make deposits.
In addition to the various gifts and benefits these children receive, since the year 1997 children who successfully passed the Year 5 Scholarship Exam have been presented with Scholarships that help to realize their educational dreams.
With the aim of introducing digital banking experience to schoolchildren, People’s Bank has established several School Banking Units with CDM and NFC technology across the island.
The goal of this initiative is to introduce digitalisation to the schoolchildren while promoting the saving habit. Additionally, supporting sustainability and the Government’s vision to uplift local manufacturing, the Bank has taken steps to boost the clay industry in Sri Lanka while encouraging children to save by providing specially designed clay saving tills as one of the gift items.
When a child reaches the age of 18 years, the Sisu Udana savings account automatically converts into a YES account, giving the child a solid platform to dream big and achieve future goals.
In addition to the financial benefits of the Sisu Udana accounts, we also contribute towards programmes that develop the creative talents of children.
People’s Bank also joined hands with the Sri Lanka Inventors’ Commission to strengthen school inventors’ clubs through Sisu Udana accounts.
People’s Bank is celebrating World Children’s Day with a Children’s Saving Trimester from 1 October to 31 December 2021 and during this time attractive gifts are offered to those who make qualifying deposits to Children’s Savings Accounts.
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