People’s Bank, which celebrated its 58th anniversary on July 1, launched a new campaign focusing on children born within the period of July to September presenting a gift voucher worth Rs.1000 to every newborn, as part of the celebrations. This initiative was first launched successfully in 1998, and has been an annual event ever since. [...]

Business Times

People’s Bank pledges Rs. 1000 for each newborn

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People’s Bank, which celebrated its 58th anniversary on July 1, launched a new campaign focusing on children born within the period of July to September presenting a gift voucher worth Rs.1000 to every newborn, as part of the celebrations.

This initiative was first launched successfully in 1998, and has been an annual event ever since. In addition to this promotional campaign, People’s Bank conducts a similar scheme every year during the first week of February, celebrating the country’s independence.

Ms. S.W.A.D.S. Kalyani, acting Deputy General Manager – Retail Banking at People’s Bank, explained that the scheme known at Isuru Udana enabling opening an account for children with a special gift voucher worth of Rs. 1000 for all newborns.

During the campaign period parents can visit the nearest branch and open an Isuru Udana account by submitting the gift voucher. There is a three months’ validity period for opening an account with this specially designed gift voucher. In addition to this new promotional campaign, the bank already contributes an initial deposit of Rs. 250 to every newly opened children’s savings account.

“An Isuru Udana savings account is automatically transferred to a Sisu Udana Account when the child is five years old. The gift Scheme of Sisu Udana is different from that of Isuru Udana and was specially designed based on the age preferences and assistance to school requirements. The bank has introduced school savings counters which motivates children to save and have banking experiences of their own. Keeping in mind that technology plays a major role in modern society we have pioneered technological innovations such as mini cash deposit machines. As a pilot project we have introduced that technology to two schools and are in the process of covering all the districts,” she said.

When the account holder is 18 years old, the Sisu Udana account is automatically converted to a YES account, and then Jana Jaya and Parinatha in accordance with the age.

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