This World Thrift Day let us resolve to be also
Thrifty with the Environment
SDB bank which always shows the public the importance of saving by offering a host of
unique savings solutions has stepped forward to take this valuable message to the
public on this year’s World Thrift Day as well. We have today reached an era where we
should be thrifty with the environment as well for the sake of the future generations not
be limited by the World Thrift Day theme to only saving money.
The habit of savings has been in existence from ancient times. When we pay attention
to the teachings of the Lord Buddha, we find that emphasis is laid on both spiritual as
well as physical development of mankind. The teaching that the income should be
divided into four parts with two parts used for investment and another part for
emergencies indicates that the need for savings was recognized from ancient times.
Man has used various methods of saving when transiting from one era to another. For
example, the drying and preservation of animal flesh, collecting and storing of bee’s
honey, and the drying of jack-fruit were some of them. When considering agrarian
lifestyles of ancient Sri Lankans, the “Vee-Bhissa” for storing paddy and the reservoirs
built by them for storing water are clear examples of the savings habit.
The lesson of saving very aptly articulated by King Parakramabahu the Great who built
the Parakrama Samudraya is very important; “Not a drop of water falling on the earth’s
surface should be allowed to reach the ocean without being put to use for the benefit of
mankind.” The huge reservoir he built echoes his words even today and continues to
render a great service to the country. Similarly, the “Thonigala” rock inscription from
the period of King Kirthi Sri Meghawarna is the first evidence that even ancient Sri
Lankans were a people in a sufficiently advanced stage with respect to savings to even
store grains over long periods. Another similar rock inscription from the period of King
Dappula V shows that when seed paddy was supplied for cultivation, rice was cooked
and alms given to the Bikkhus in proportion to the specified interest.
The first dissertation on “Savings” was done by Hugues Delestre, a Frenchman in the
year 1611. The first bank under the “savings bank” concept was inaugurated in
Germany in 1778 and a Savings Institution was established in 1810 by Fr. Henry
Duncan.
The World Thrift Day was established at the end of the First International Thrift
Congress held in Milan, Italy, on 31st October 1924. In their resolutions, they decided
that this day will be devoted to promote savings all over the world.
Following the end of World War II the concept of saving was accepted and many
countries adopted it as a tradition.
In 2015 the rate of domestic savings in Sri Lanka was 22.6% according to reports from
the Central Bank of Sri Lanka. Although the domestic savings rate has increased by 6%
from the year 2000 to 2010, a comparison of the annual data from 2010 shows that the
rate has reached a peak of 27.2% in 2012 and that by 2015 it had gradually come
down. This shows that as Sri Lankans our income is not directed towards saving or
investment but towards consumption. In this cycle of consumption we have got used to
consuming various non-essential goods and services imported from other countries. By
increasing our saving as a country, we can contribute to national development.
We need to make an effort to use alternative energy sources such as renewable energy,
electric vehicles and solar power and use the environment economically. We would thus
be able to minimise the huge amount of money spent on importing fossil fuels into the
country. By reducing the burning of fossil fuels it will be possible to save the large
amount of oxygen spent in the process and make breathing easy for all living beings.
We can give this World Thrift Day a wider meaning by drawing attention to reducing
the amount of carbon dioxide released to the atmosphere in the process, thereby
minimising the pollution of the environment and leaving a pleasant atmosphere for
future generations.
It is from childhood that everyone learns that saving is a good habit. If one is to
overcome the various obstacles, challenges and difficulties in life, it is essential that one
has a well-developed habit of saving. However, in an era such as this where society and
lifestyles have become very complex, a person needs strong support and guidance for
saving. SDB bank is a bank that is dedicated to the great service of guiding the public
toward saving with a range of solutions tailored to the needs of the modern world.
SDB bank which introduced the Lakdaru Savings Account for the children, who will
inherit the country’s future, also provides gifts based on savings and to encourage
studies. A special feature of the Lakdaru Savings Account is that it offers a 1%
additional interest over and above that offered to normal savings accounts. Additionally,
Lakdaru account-holder children are entitled to a hospitalisation insurance where a sum
of Rs. 5,000/- per day will be paid in the event of hospitalisation in a private hospital,
while a sum of Rs. 3,500/- per day will be paid in the event of being hospitalised in a
government hospital where charges are not levied, up to a maximum of Rs. 50,000/per annum.
A special Lakdaru promotional programme is also being implemented (until allocations
last) during this month, in line with the World Children’s Day and World Thrift Day. The
SDB bank is pleased to announce that for every new Lakdaru account opened during
this period, SDB bank will deposit a sum equivalent to the amount deposited subject to
a limit of Rs. 1,000/-, as well as a sum of Rs. 5,000/- in respect of standing orders.
The SDB Dayada Account is the newest account introduced by SDB bank to secure the
future of children below 13 years of age. By investing in the SDB Dayada Account,
parents are able to free themselves from the burdens of expenses for the child’s
educational activities, health, marriage and expenses related to a host of other needs.
The special benefit here is the secured return on the deposit. This means that upon
completing 18 years of age, the child will be entitled to the agreed sum specified in the
certificate despite any change in the interest rates in the market. This is an ideal
investment for anyone who dreams of securing the future of the child.
For the woman who makes a courageous effort to rise while trying hard to ensure
better living conditions for her loved ones, SDB bank has recently launched the
revamped SDB Uththamavi Women’s Savings Account. While a 6% annual interest rate
is offered with this account, special low-interest loan facilities are also being made
available to engage in a variety of business activities including the production of various
items, foodstuffs and chemicals, horticulture, beauty culture services and the rearing of
aquarium fish.
Similarly, for the youth of this country who are courageously trying to succeed in life
while at the same time strengthening the country’s economy, SDB Jawaya has been
introduced. While a higher rate of interest is available for the youth to realise their
dreams, loans at low interest rates are available to those engaged in small and
medium-scale enterprises. Skill development programmes are being conducted to
improve the skills and abilities of the entrepreneurs through SDB Jawaya and SDB
Uththamavi Accounts.
The SDB Ayojana account is an investment programme that allows one to realise life’s
objectives. It paves the way for the account-holder to realise the aspirations to own a
house or vehicle, or meet the expenses necessary for marriage or children’s higher
education, by gradually building up the necessary assets. The primary aim of the SDB
Ayojana Account is to help one to realise his objectives.
The unique feature of this account is that it affords a higher rate of interest than a
normal savings account. In order to realise your life’s dreams in a planned manner
through a step-by-step savings programme, the total amount to be invested and the
period over which the investment is made can be decided by the account-holder and
the deposits can be made on a monthly basis.
SDB bank has not forgotten to show its gratitude to the senior citizens who have toiled
over a lifetime for the progress of the country and are now enjoying retirement. A
higher rate of interest of 15% is paid to the first Rs 1 Mn deposited by a senior citizen
in fixed deposits and a higher interest compared to the normal savings account is
offered for the Upahara Savings Account. The Upahara Loan Scheme is in recognition of
those senior citizens who wish to continue to engage in a preferred entrepreneurial
activity for his own benefit, those of his loved ones and the country. Through this it is
intended to once again to productively engage the services of the senior citizens who
have left the country’s workforce. Senior citizens who credit their monthly pensions to
their SDB bank Savings Accounts are eligible to receive loans under this scheme and
they will also benefit from the ATM Card and SMS Banking services. Under this scheme
a maximum loan of up to Rs. 1,500,000/- can be obtained with repayment up to the
age of 70 years. SDB bank has also made arrangements to afford a repayment period
of seven years and to provide all borrowers with a loan insurance policy. This is a very
special loan insurance policy where only a very small premium is payable. While no
guarantors are required, these loans can be obtained for any legal purpose that is
productive to the country.
All Sri Lankans aspire to build a prosperous nation. To build such a prosperous nation it
is essential that the country’s population be prosperous. The ability to chart the course
to such prosperity lies with oneself. We all know that saving is the best way to succeed
in life. What is necessary is only to make intelligent decisions on matters such as how to
save and how to use the savings. Given the current conditions in the world, the first
step to be taken by anyone wishing to achieve prosperity through savings is to choose a
banking service that has the most suitable savings service for the purpose. SDB bank
which has over a long period won fame for providing an unparalleled service to the
country and the public stands ready to guide all Sri Lankans towards this end. On this
World Thrift Day, SDB bank calls upon all Sri Lankans to not wait until tomorrow, but
begin planning your savings today. -End-