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

By being thrifty in life, you can ensure a secure future for you and your children while supporting economic development of the nation. By joining hands with People’s Bank, you will be able to achieve your personal goals and enjoy a brighter future.

World Thrift Day was announced at the first International Savings Bank Congress held in Milan, Italy in 1924 and since then it is being celebrated annually on 31 October. The objective of this day is to educate the global population on the concept of thrift and nurture the savings habit, thereby providing them with a platform to achieve a better quality of life.

In parallel to the World Thrift Day, People’s Bank reaches out to all Sri Lankans alike by showing them the way to a prosperous future through savings habit.

Sharing her thoughts on this, People’s Bank Deputy General Manager (Retail Banking, Process Management and Quality Assurance) Renuka Jayasinghe stated: “Thrift can be described in simple terms as consumption through careful management. Being thrifty in our day-to-day activities plays an important part in our lives and paves the way to a successful life. The savings habit is an important part of the growth and development of a nation. A high personal savings percentage in a country is generally linked to its economic development. Therefore, in order to develop a country, it is imperative that the savings habit is nurtured among the citizens.”

For Sri Lankans, being thrifty comes naturally from to their heritage and cultural upbringing. For example, our ancestors built magnificent tanks and waterways to save and efficiently manage the water resource.

Being the descendants of such generations and as the country’s most popular banking partner, People’s Bank has been promoting financial thrift from the very beginning. From a newborn child to a senior citizen, the bank has provided a range of deposit products and services to nurture the habit of thrift. These deposit accounts provide customers with attractive interest rates, maximum benefits and the guaranteed safety that can be offered best by a State bank.

While People’s Bank has been successful in identifying the varying needs of customers and providing innovative product solutions, the bank has gone beyond the traditional boundaries of banking to offer a comprehensive range of digital banking services for greater customer convenience. 

People’s Bank has always endeavoured to build a strong foundation by inculcating the savings habit from a very young age. For this purpose, People’s Bank created history by initiating a programme 50 years ago to encourage savings among schoolchildren by launching the school savings programme at Visakha Vidyalaya on 9 October 1971. Subsequently the bank created Isuru Udana and Sisu Udana savings accounts to further nurture the savings habit among children.

Isuru Udana

People’s Bank introduced the ‘Isuru Udana’ account to provide a savings account for children from birth up to five years of age. The bank has introduced an Isuru Udana gift voucher to be given to newborn babies making them the ideal gift to nurture their savings habit. These Isuru Udana gift vouchers which are in denominations of Rs. 500, Rs. 1,000, Rs. 2,000, Rs. 5,000 and Rs. 10,000 can be deposited to an existing account or be used to open a new account with. All children who save in Isuru Udana accounts are entitled to a host of special gifts that are issued through all branches.

Sisu Udana

When a child reaches the age of five, the Isuru Udana account gets converted into a Sisu Udana account. As children continue to develop in mind and body, helping them to achieve success in their educational journey and giving them financial strength to face the future is the goal of People’s Bank. From the very beginning, the Bank has taken steps to offer high interest rates, a wide array of valuable gifts and numerous benefits. Further, Sisu Udana accounts are being opened at school banking units across the island, thereby helping to enhance their belief in the savings process.

YES Account

People’s Bank introduced the YES Account for the youth of the country with the intention of providing them with financial security as they strive to achieve their personal and professional goals. YES Account provides a high interest rate and a host of special benefits while also allowing them to easily obtain loans for higher education, buy their own vehicle or meet any other requirements.

People’s Relax

The ‘People’s Relax’ account was introduced with the goal of providing all young Sri Lankans the 

opportunity to build a savings plan and secure a brighter future. Through this, People’s Bank allows you to build a retirement fund during your active days and decide on the time you would like to receive retirement benefits.

Vanitha Vasana

People’s Bank was the first bank to dedicate a special savings account for women of Sri Lanka - the ‘Vanitha Vasana’ account. In parallel to this, the Vanitha Vasana Money Planner investment plan account was introduced to pave the way for women to enhance their financial capabilities.

While People’s Bank has been successful in identifying the varying needs of customers and providing innovative product solutions, the bank has gone beyond the traditional boundaries of banking to offer a comprehensive range of digital banking services for greater customer convenience.

Parinatha

Parinatha senior citizens’ account was introduced to uplift the lives of senior citizens of Sri Lanka by providing them attractive interest rates and low interest loans.

Under the People’s Bank’s digitalisation drive, with the aim of providing greater convenience to customers, 256 Self Banking Units (SBUs) have been established across the country. They consist of Automated Teller Machines (ATMs), Cash Deposit Machines (CDMs) and Kiosks which are accessible 24/7/365.

Further, the bank launched the People’s Wave Mobile Banking App to enable customers to carry out their banking on the move via their smartphone which has since become country’s most downloaded banking app. In recent times, People Bank introduced the People’s Pay Digital Wallet App which provides a wide range of services including the ability to make payments anytime from any location, pay Credit Card bills of any bank, reload mobile phones, recharging, and make LANKAQR digital payments.

The high standard of service People’s Bank has consistently achieved has helped it gain local and foreign recognition. 

It has won the ‘People’s Banking Service Provider of the Year’ award offered by the Sri Lanka Institute of Marketing (SLIM) and Nielsen Company Lanka for 15 consecutive years while it is the first and only Bank in Sri Lanka to be accredited with the ISO/IEC 27001:2013 certification, the highest international accreditation for information protection and security. 

People’s Bank has the largest customer base of 14 million customers in the country and also the largest branch network of 739 physical contact points to serve them. The bank also provides its services 24 hours a day, seven days a week and 365 days a year via its Self-Banking Units amounting over 250 across the island, enabling customers to conduct their transactions without having to visit a bank branch. The bank has also stamped its supremacy in the digital banking sphere with its mobile banking app People’s Wave being the country’s most downloaded banking app.

During the past year, People’s Bank has been recognised for its outstanding banking services including digitalisation by being presented with prestigious awards from The Asian Banker, Asia Money, Global Banking and Finance Review, The Banker Magazine, LankaPay Technovation Awards, and The European Global Banking and Finance Awards.

Recently, the Asian Development Bank (ADB) recognised People’s Bank by awarding it the ‘Most Responsive Bank against COVID-19’ at the prestigious ADB Trade and Supply Finance Programme Awards 2021. People’s Bank was also named among the Top 10 Most Admired Companies in Sri Lanka for the fourth consecutive year by the Chartered Institute of Management Accountants (CIMA), the International Chamber of Commerce of Sri Lanka (ICCSL) and the Daily FT. 

By being thrifty in life, you can ensure a secure future for you and your children while supporting economic development of the nation. By joining hands with People’s Bank, you will be able to achieve your personal goals and enjoy a brighter future.