National Savings Bank holds the reins as the most secure and responsible government institution
The habit of saving is itself an education; it fosters every virtue, teaches selfdenial, cultivates the sense of order, trains to forethought, and so broadens the mind. You can optimize your saving by spending smartly; in other words, the entire notion of being thrifty, is not limited to a mere concept but a habit which needs to be nurtured. It is a habit which acts as a safety net for an individual whilst contributing for national development, and furthermore, it is an invaluable habit which National Savings
Bank has inculcated and cultivated in the lifestyles of the entire
Sri Lankan community for over a span surpassing 46 years. As the sole banking agent representing Sri Lanka in the World Bank, NSB
Bank is committed to celebrate the insightful World Thrift Month for the month of October, and it is done through a series of attractive events which is bound to induce the general audience to start saving.
Taking the ‘Thrift’ message to the society is a tedious task. To make the delivery of the message more effective, and insightful, Deputy General Manager (Marketing) Lal Karunathileka shared an illuminating glance into his ideology.
STARTING THE HABIT OF SAVING, AND CONTINUING SAID HABIT CAN BE CHALLENGING. WHAT APPROACH SHOULD BE TAKEN TO ADDRESS THIS CHALLENGE?
As humans, we don’t know our own limits. This implies for both investments and savings. That is why we show reluctance to save. Throughout years, the society has whipped up several stereotypical myths that further demotivates savings. NSB Bank strives to debunk such myths and actually attempt to offer incentives to encourage the society to engage in the habit.
Many feel that savings become redundant, when daily living costs continue to skyrocket. That is entirely untrue, because someone who has the will to save will somehow find a way to do so. It is best to realize that education nor profession doesn’t hinder or play any part in the process of saving; anyone who has a wish can save. As humans, we have needs, but those need should be ruled over by the income and urgency to save. To save, one must not necessarily earn more; it can be done by saving a portion of whatever amount that is saved, and every penny saved, can be considered as a penny earned for the future.
WHAT DO YOU FEEL ABOUT THE SAVING HABITS OF THE CURRENT SRI LANKAN SOCIETY?
Sadly, Sri Lankan savings are relatively lower compared to the rest of Asia. South Asian countries such as Sri Lanka attempt to ‘oneup’ other countries, and attempt to be seen in a greater light in comparison to the rest. The lower income/middle income earners attempt to challenge high income earners, and that is where they fall into trouble. That is why those who do not earn as much should remain constantly vigilant regarding opportunities to save.
Look at the investments made on grand weddings. Even those who can’t afford such a grand celebration, somehow manage to find the required money. The example left by the wealthy has picked up, and everyone wants to overshadow one-another in an attempt to attain bragging rights. The ideal option is to know the budget, and spend for what is actually required; and anything extra can be ignored.
People tend to pick up trends more often than not, given to increased globalization. The credit card culture is one such trend. As a result, a person spends the next months salary, even before the current month is completed. A credit card can be used at an optimum level, in an advantageous manner, if we are responsible and intelligent enough to consider the implications.
CAN THE SAME BE TOLD FOR THE SENIOR CITIZENS OF THE COUNTRY?
Government servants are entitled for a pension plan, but only a handful can actually live off that allowance. Even those entitled for the EPF/ ETF in the Private Sector lack the necessary intelligence regarding financial planning. Some spend their entire live’s EPF/ETF within 2 years. Ultimately, they are left without a plan for their future. Therefore, both parties should have started saving beforehand, while they were young and earning. Wealth that flows even at the last moment should be treated with reverence and care.
Certain institutions attempt to deceive pensioners of both sectors to invest, with false promises of low interest rates. They are unaware of the vitality of investing the hardearned money, earned as a result of years of servitude, in a secure and responsible bank. News account of those who have been swindled out of their money can be heard regularly.
HOW CAN A BUSINESSMAN OR AN ENTREPRENEUR MANAGE THEIR SAVINGS?
There is a belief that money can be saved if the person’s entire wealth is invested. What actually happens, is that the investor is left with no other option if the business venture invested collapses or goes bankrupt. As a result, the funds to restore the business or even to manage their personal lives are nonexistent. Natural disasters affect both the wealthy and the poor, and what reserves can a person tap into, during such a predicament? Saving a portion before investment can help the investor live without having to depend on external support from others.
Every religion has its own interpretation regarding the importance of saving. Lord Buddha has preached about the ideal manner to earn, save and to invest. According to the teachings, a person should save 1/4th of his/her earnings for future use,in case of an emergency.
HOW DOES NSB BANK CONTRIBUTE TO CULTIVATE THIS HABIT WITHIN THE SOCIETY?
NSB Bank has remained committed to inculcate this habit, this behaviour within its customers ever since its inception, and that has been given outmost priority up to date. NSB Bank is the sole destination which can be accessed via 256 branches and 4600 postal networks. The Bank facilitates individuals from all walks of life with savings deposits, ranging from infants to the elderly. The best customer experience is extended, for the committed staff is dedicated to visit the customer at any public place, office station, or even to their door-steps, and simplify the process of opening an account.
The ‘Prarthana’ Children’s Savings Certificate, which was first launched in 1999 to accommodate the Sri Lankan children is reintroduced to the loyal customers of NSB Bank. This is an extension of the previous version, and the new updated version is offered as ‘Prarthana+’ (Prarthana Plus) Savings Certificate.
ANY SPECIAL CELEBRATIONS PLANNED FOR THE WORLD THRIFT DAY?
This year, we are preparing to witness the 95th World Thrift Day celebration. A special program is scheduled to be held on October 31st at BMICH premises. Additionally, relevant protocols are taken to enlighten those who visit the branches regarding the vitality of being thrifty.
The NSB ‘Pata Pata Hapankam’ which is organized under the guidance of the Ministry of Education, and sponsored by NSB Bank for the 4th consecutive year, was carried out during the entire month of September. The event gave opportunities for children from school all over the country to showcase their artistic talent. The winners of the ‘Pata Pata Hapankam’ Arts Competition will be acknowledged and recognized at a national level, and the relevant prizes will be awarded during the previously mentioned event at BMICH. In addition, the event is set to grant Rs.15,000 worth of scholarships to the ‘differentlyabled’ children who performed exceptionally well in the scholarship examination.
WHAT IS YOUR ‘WORLD THRIFT DAY’ MESSAGE?
Many unpredictable psychological factors affect our ‘saving mentality’. The fact if a certain habits, remains a habit depends on its inert nature; whether if it is a positive or negative behavioural trait. Each of us can develop this habit, once we get a hold of our strange impulses, and broaden the awareness regarding our financial capacities.
It is best to celebrate World Thrift Day responsibly, by investing the valued money in a secure location. Selecting the country’s most responsible and secure bank; a status which NSB Bank proudly holds, will pay dividends for customers in the long run, as they step into a safe and secure financially stable future.