Sampath Pubudu upgrades children’s savings scheme

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Sampath Bank upgraded 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 fulfil 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, the Bank said.

“A 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, the Bank said.

From there onward, 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 the 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 a balance of Rs 1,000,000 is maintained in your child’s Sampath Pubudu account, he or she will get a voucher valued at a whopping Rs 50,000, the Bank further said.

“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 DGM – Digitalisation, Deposit Mobilisation and Marketing, Sampath Bank PLC. “This encourages disciplined financial behaviour 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 to receive a far greater reward later–that has been the foundation of many a famous fortune,” he said.