‘Sampath Pubudu’ upgrades children’s savings scheme

Sampath Bank announced a significant upgrade to its Pubudu children’s savings scheme, with the addition of gift vouchers worth up to Rs. 50,000. 

Originally launched some years ago to help parents fulfill their dreams for the financial future of their children, Sampath Pubudu accounts were designed to provide positive reinforcement for long-term thinking and to inculcate responsible financial habits. Planned in partnership with Abans, Singer and the Sarasavi Bookshop, the changes to Sampath Pubudu that were just announced take those incentives to a whole new level.

Your child’s Sampath Pubudu account balance determines the value of the gift voucher you receive, redeemable at Abans, Singer and Sarasavi Bookshop outlets island-wide. You can still start small with a modest initial balance of Rs. 500 to receive the gift of a till--the classic Sri Lankan symbol of saving or get the gift of a school bag for maintaining an account balance of Rs. 10,000.

From there on upwards, the financial incentives increase sharply: Maintaining an account balance of Rs. 25,000 earns your child a gift voucher valued at Rs. 2,000, maintaining a balance of Rs. 50,000 is good for a gift voucher of Rs. 3,000, and a balance of Rs. 100,000 gets your young investor a gift voucher worth Rs. 6,000. 

It gets even better: An account balance of Rs. 200,000 means a voucher valued at Rs. 10,000, a balance of Rs. 300,000 adds up to a voucher valued at Rs. 12,500, and a balance of Rs. 500,000 will entitle your child to do some serious shopping at Abans, Singer or Sarasavi outlets with a voucher valued at Rs. 25,000. And if you maintain a balance of Rs. 1,000,000 in your child’s Sampath Pubudu account, he or she will get a voucher valued at a whopping Rs. 50,000. 

“The idea behind the Sampath Pubudu savings accounts is to drive home a simple, powerful message that a child can understand: it pays to keep your money where it will grow safely and securely at attractive rates of interest,” said Tharaka Ranwala -Senior Deputy General Manager - Digitalization, Deposit Mobilization and Marketing, Sampath Bank PLC. 

“This encourages disciplined financial behavior and teaches your child the value of acquiring responsible habits at an early age - the earlier the better.Sampath Pubudu is based on the underlying principle of deferred gratification. It’s an important life skill--acquiring the will-power to resist the temptation of a smaller reward now in order to receive a far greater reward later--that has been the foundation of many a famous fortune.”