SMIB launches children’s savings account
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
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.