Savings itself is an education. A person who has practised saving will develop many virtues, such as patience, thrift, financial discipline, order, planning, self-control, etc. without much effort. Spending less or being thrifty is not a mere concept. It is a habit to be developed by each person. It helps to gain financial security at individual level while contributing to the development of one’s country. 

The habit of saving will teach us how to identify our limits. This applies both to investments and savings. We might be reluctant to save owing to this very reason. Similarly, many believe that saving is impossible due to the tendency of increasing the daily cost of living. 

To debunk such myths of saving and inculcate the habit of saving among the people and thereby sustain the development of this country through a savings culture, National Savings Bank (NSB) has been established. 
Accordingly, in an era where the influx of goods and services to the market is abundant with the continuous progress taking place in technology, science, knowledge, information and communication, the bank has been assigned with the mandate and the obligation of directing the people to save as much as possible by controlling lavish expenses on consumption.   

As our ancestors used to save a portion of hunted meat and bee honey for the future and our kings used to collect and save water for future by building gigantic reservoirs, the man began to save money and the resultant development of the savings bank concept has made this habit swell into a global industry. Since then, various savings movements gained momentum and the amalgamation of a number of such movements gave birth to NSB in 1972, denoting an important juncture of the Sri Lankan savings movement.  As such, the bank was assigned the task of channelling the idle money saved hidden in old boxes or buried by the people who knew the value of a thrifty and frugal lifestyle quite well, towards the development of the country while making them beneficiaries of an income. 

Accordingly, a majority of the country’s population read the first letters of formal saving with NSB. Presently, millions of people scattered over the country have become valued customers of the bank, which has thrived into a trusted state bank, strengthened by 258 branches and over a 4500 post and sub-post office network.        

Presently, thrift and saving has developed beyond the concept of investment. Savings make a direct contribution to upgrade the income and the lives of the masses and accelerate the country’s economy and the financial market. On the other hand, people’s savings increase the domestic savings of the country. Sri Lanka is still identified as a developing country, which depends largely on foreign direct investments when realising its development goals. In this context, increasing the domestic savings is essential. 

As per the World Bank data, gross savings of Sri Lanka as a percentage of GDP in the year 2019 stood at 25.25 percent. When compared to the United States of America, which recorded 18.57 percent, the United Kingdom’s 13.60 percent, France’s 23.25 percent and the neighbouring India’s 29.44 percent of their respective GDPs, Sri Lanka appears to have achieved a promising progress. However, since Sri Lanka’s economic stability is comparatively lower as far as the said countries are concerned, Sri Lanka should essentially pay more attention to improve national savings further. 

Obviously, any individual who has the will to save, will somehow find a way to do so. It is best to realise that education nor profession does not hinder or play any part in the process of saving; anyone who has a wish can save. 

It is also not necessary to earn more to save. Due to the COVID-19 pandemic, the entire world has arrived at a difficult pass presently and the uncertainty of the present circumstances repeatedly prove the fact that even a small saving brings amazing and unexpected benefits. While a group of people fulfilled their needs utilising what they have saved, another set of individuals may have encountered difficulties without savings. Therefore, the uncertainty of the prevailing condition urges us to save and gain the benefits of saving today itself. 

Thus, you can take the first step of well-planned saving today. To promote the habit of saving among the people, October 31 every year was declared as the World Thrift Day, at the first International Thrift Congress. As the only Sri Lankan bank that has the membership of the World Savings Banks Institute, NSB commemorates the World Thrift Day this year, being committed to inculcate the saving habit, promote financial inclusion and produce a sustainable savings base through an efficient and improved customer service. 

The month of October, in which the World Children’s Day and World Elders’ Day fall on the first and the World Thrift Day falls on the last day, has been declared as a special savings month.

Prudently understanding the need of the hour, NSB facilitates all people with or without a permanent income to enjoy a range of banking and financial facilities, including housing loans and other loans by opening a savings account. The bank has introduced many short and long-term savings accounts and savings certificates to enable all citizens of the country, which belongs to all walks of life, from the infant to the senior citizen, to reap the harvest of the habit of saving. Any individual can save in these accounts and contribute to empower the people and country while ensuring a higher living standard for him/herself.   

With a view to bring more and more children under the savings net, NSB commenced establishing school banking units in the schools of the island in 1973. By opening and maintaining ‘Punchi Hapan’ and ‘Hapan’ savings accounts introduced by the bank for the children, this school banking system facilitates children to save at the school itself.  

Moreover, it enables them to earn knowledge and an experience about the work related to banking by working as the officers of the school bank. Also, bearing and sharing responsibilities and operating as the communicators who convey the message of thrift and savings to the rest of the school would improve their personalities.   

The child, who has practiced the habit of saving at an early age, would carefully make plans for a secured retired life in the distant futurity by saving a portion of the day-to-day earnings while sensibly striving to accomplish the financial strength required to meet the everyday challenges of life as a youth. NSB I’M account provides them a good opportunity with a special interest rate to start saving and the farsighted ladies of our country can enliven their habit of thrift and saving on this special day with a ‘Sthree’ account especially offered for them by the bank. 

Such people would not abandon their habit of saving even after they become senior citizens. After fulfilling their obligations towards the family, relations and the country senior citizens can enjoy a life with a sound financial base by saving in an NSB Pension account. Similarly, NSB sincerely believes that NSB Pension + Savings account and Five-Year account will be an immense relief for many generations in the country. In addition to the above flagship products, the bank offers a range of other products and services, ensuring our attention to all segments of society.  

On this Thrift Day, we invite all Sri Lankans to join hands with NSB, the pioneer in savings and the safest bank in the country to save as a family and thereby increase your savings while contributing to the well-being of the entire nation because we are always committed to assist you in realising your dreams. 
(Ajith Peiris is General Manager/CEO of National Savings Bank)