SMIB launches children’s savings account

Hemanthi GURUGE

The State Mortgage and Investment Bank (SMIB) which specializes in providing housing loans, launched a new children’s savings account with a host of unique features and prizes.

The children’s savings account named Challenger that enables parents to save for their children and provide them with unique opportunities. State Mortgage and Investment Bank Chairman Jagath Wellawatta said the new savings account named Challenger is for children over 11 years. It has an interest of 7.5 percent.

Bank will relaunch the Muthu Sina savings account with many prizes including computer peripherals. The Muthu Sina is a unique savings account for children upto 18 years to cater to their current as well as future needs. The SMIB being one of the oldest banks of the nation was inaugurated as the Ceylon State Mortgage Bank on December 6, 1931. The Bank was recognized as a licensed specialized bank and the licence was issued by the Central Bank of Sri Lanka in 1998.

Since then, deviating from the former lines of business, the Bank throughout its over seventy-five years of service, has evolved to become the Housing Bank to the Nation. In 1991, the Bank started accepting deposits. During the same year District Representatives were appointed from various districts to assist customers and to act as intermediaries between the Bank and the customers in promoting credit facilities. In October 2001, Pass-Book Savings product was introduced.

After the 1990’s the Bank extended its services by opening new branches.

By spreading its services through District Offices and facing the challenges and competition of the banking world, SMIB has been able to maintain its position as the housing bank to the nation.