People’s Bank has introduced a special programme to inculcate the habit of saving in children, from the first day of school.

Accordingly, People’s Bank will reward every new Sisu Udana account holder with a cash prize of Rs.250. In addition, the bank will also double the cash prize up to Rs.500, as per the amount deposited. (The doubling of cash prize will be effective only until March 31st)
Expressing his views on the matter, People’s Bank Retail Banking Deputy General Manager Lionel Galagedara noted: “The Sisu Udana account was introduced by People’s Bank in 1994 with the aim of inculcating the habit of saving and building a financially secure future for all children. As a state financial institution, we have a responsibility to encourage young children towards saving. At present, majority of children in the country are maintaining savings account via the People’s Bank Sisu Udana account.

The Sisu Udana account has immensely helped children from five to 18 years to inculcate the habit of saving. Furthermore, this account sets an ideal foundation for the child’s higher education. By starting to save as early as from the very first day of school and regularly saving thereafter, they will be able to effortlessly save a substantial amount by the time they pursue higher education. This way parents/guardians will not be burdened to seek funds for their child’s higher education.

People’s Bank offers the highest interest rate for the Sisu Udana children’s account and even awards a number of prizes and benefits with educational value, depending on the amount deposited. Based on the value of the deposit, children will be rewarded with Sisu Udana caps, exercise book sets, table clocks, school bags, umbrellas, lunch boxes, wrist watches, raincoats, dictionaries, encyclopedias, calculators, pen drives, table lamps, travelling bags, melodicas, bicycles, voice recorders, electric organs, bicycles with gear and valuable People’s gift vouchers as well as e-learning CDs.

People’s Bank also takes measures to award special scholarships to students who achieve best results in the Grade-five Scholarship, Ordinary Level and Advanced Level examinations. People’s Bank has provided scholarships worth millions of Rupees for students who have scored highest in the national and district levels as well as students who have displayed special skills.

The bond between your child and People’s Bank does not cease when your child reaches 18. Upon reaching 18 years, the Sisu Udana account converts into a ‘Yes’ account. The bank’s Yes account not only offers the highest interest rates but also facilitates the provision for loans to realise personal, occupational, educational or business goals. People’s Bank has also introduced the ‘People’s Wisdom’ loan scheme for those seeking higher education from a local or foreign institute to fulfil professional qualifications. Being a Sisu Udana account holder makes the individual eligible to apply for this special loan scheme.

As parents who are constantly concerned about their child’s future, they can open a Sisu Udana savings account for their child from the nearest People’s Bank branch or Sisu Udana School Saving Unit. People’s Bank has facilitated more than 740 branches islandwide for the convenience of its customers. The Sisu Udana account inculcates one of the most valuable life skills - the habit of saving. People’s Bank promotes the ‘I Can Save’ concept via the Sisu Udana account and teaches the importance of being thrift among children, especially on the usage of physical resources such as stationery, school bags, pair of shoes and uniforms in their day-to-day lives. Children who are instilled with the habit of saving, and a frugal lifestyle will no doubt lead a life with a promising future.