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 31.
Expressing his views on the matter, Deputy General Manager of People's Bank (Retail Banking) Lionel Galagedara noted, “Sisu Udana account was introduced by the 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, majoirty of children in the country are maintaining savings account via People's Bank Sisu Udana account.
Sisu Udana account has immensely helped children from 5 to 18 years to inculcate the habit of saving. Furthermore, this account sets an ideal foundation for your child's higher education. By starting to save as early as 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. This way you will not be burdened to seek funds for your child's higher education.
People's Bank offers the highest interest rate for Sisu Udana children's account, and even award 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, traveling bags, Melodica, bicycles, voice recorders, electric organs, bicycles with gear and valuable People's Gift Vouchers as well as E-Learning CDs.
, People's Bank sponsors a series of seminars island-wide on annual basis, with the aim of improving the knowledge of students facing Grade 5 scholarship. In addition, Sisu Udana has made special provision to withdraw the money deposited for special reasons such as for higher education and emergencies.
The bond between your child and the People's Bank does not cease when your child reaches 18. Upon reaching 18 years, the Sisu Udana account converts into YES account.
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