NSB relaunches popular products to expand market base

By Devin Jayasundera

National Savings Bank (NSB) last week re-launched several of its flagship products, including Hapan, Ithuru Mithuru, Sthree, Prarthana, NSB Housing Loans, Pension Plus, Ran Sahana and Auto Loan to ensure an aggressive market presence in the Sri Lankan retail banking sector.

NSB, the third largest in the country, holds accounts for seven out of every 10 Sri Lankan in the country. The bank hopes to add 10 more branches to the already existing network of 63 branches.

Under this new marketing strategy, the bank is to promote an array of rewards and services to its customers and hopes to expand its customer base in the urban and semi urban areas, said NSB AGM Marketing and Deposit Mobilisation J. K. Gamanayake.

Outlining the new features of some of the re-launched saving products of NSB, he said; “‘Ithuru Mithuru’ savings account, which is specially catered for the youth, provides loan schemes for educational needs and the bank also offers an opportunity to its customers to win in a bi-monthly draw of 500,000 for 10 individuals. The ‘Sthree’ savings account is specially designed for ladies and under the new scheme they will be gifted Prarthana certificates and also Rs. 25,000 for their wedding and for the birth of their first child.”

NSB’s strong point has always been the large network and the reach of services it offers to the public throughout the country. It hopes to strengthen its presence by marketing its products mainly in concentrated unbanked and underbanked areas of the country, said NSB General Manger and CEO Hennayake Bandara.

He asserted that NSB was aligning itself with Government policy to achieve a domestic savings ratio around 18%-22%, which is required to ensure the sustainable development of the country.

Countries like India, Malaysia and Singapore have reached above 30% of GDP in domestic savings.

NSB Chairman Pradeep Kariyawasam also reiterated the importance of cultivating saving habits among the public to expedite the development process.

He stated that NSB, which will be celebrating its 40th anniversary soon, has already planned a series of events and it will set the platform for the bank to be regarded as the best managed and financially profitable bank and also as one of the most recognised banks in the financial sector.

Popular actress Sujani Menaka was appointed as the Brand Ambassador of NSB.

At the event, the new television commercial for NSB saving products was also unveiled.

 – Pic by Pradeep Dilrukshana