The first day of school is in fact the most important day of your child’s life, as they take the first step towards the future. If you can inculcate the valuable habit of saving in your child, on the very same day, it would no doubt help them to lay a strong foundation for a brighter and financially secure future.
People’s Bank has introduced a special program to inculcate the habit of saving in children, from the first day of school. The 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 the cash prize will be effective until 31st March)
Deputy General Manager, People’s Bank (Retail Banking) Lionel Galagedara said, “Sisu Udana was introduced by the 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 to save. Presently, a host of children maintain savings account via People’s Bank Sisu Udana.
The account is for children 5 to 18 years old. It sets an ideal foundation for the child’s higher education. By starting to save from the very first day of school, and regularly saving thereafter, you will be able to effortlessly save a substantial amount by the time your child pursues higher education.”
The account is offered the highest interest rate, a number of prizes and benefits with educational value, depending on the amount deposited. Based on the value children will be rewarded with caps, exercise book sets, table clocks, school bags, umbrellas, lunch boxes, wrist watches, raincoats, dictionaries, encyclopedias, calculators, pen drives, table lamps, traveling bags, melodicas, bicycles, voice recorders, electric organs, bicycles with gear and gift vouchers as well as e-learning CDs.
Sisu Udana has made special provision to withdraw the money deposited for special reasons such as for higher education and emergencies.
Upon reaching 18 years, the Sisu Udana account converts into a YES account.
The YES account not only offers high interest rates, but also facilitates provision for loans to realize personal, occupational, educational or business goals. Being a Sisu Udana account holder makes the individual eligible to apply for a special loan under the ‘People’s Wisdom Loan’scheme . A Sisu Udana account for your child could be obtained from the nearest People’s Bank branch or Sisu Udana School Saving Unit. People’s Bank has facilitated more than 740 branches island-wide for the convenience of its customers.