People’s Bank is one of Sri Lanka’s main state-owned commercial banks, with a wide retail network, digital platforms and accounts.
The bank operates under the supervision of the Central Bank of Sri Lanka and has its head office at Sir Chittampalam A Gardiner Mawatha, Colombo 2.
Understanding how People’s Bank accounts and cards work can help you manage daily payments, savings and long-term deposits more effectively.
Overview of People’s Bank Services
People’s Bank presents itself as a leading state-owned commercial bank offering personal, business and digital banking solutions.
Its main retail products include savings accounts, current accounts, term deposits, debit and credit cards, as well as internet and mobile banking.
Services are generally organised around three pillars: everyday deposit accounts, card services and digital channels.
In practice, this structure allows customers to receive salaries, pay bills, use cards for shopping, send money and build savings through one institution.
Main Account Types for Everyday Banking
People’s Bank services includes a full range of deposit accounts and cards for everyday banking.
Product documents usually mention an initial minimum deposit requirement (for example, LKR 1,000) and possible charges for low balances.
Savings accounts
People’s Bank offers a Normal Savings account that typically pays around 2.50% per year on balances.
Youth and children’s accounts, such as Isuru Udana and Sisu Udana, can offer about 4.00%–4.25% per year, depending on the balance.
Women-focused savings options like Vanitha Vasana and specialised options such as the People’s Investment Account might be around 3.00% per year.
Current accounts
Current accounts are designed for frequent transactions, salary credits and business payments.
They are often linked to cheque books and debit cards, and can be opened by individuals, joint holders and businesses.
For everyday life, a current account is useful if you receive regular income, make frequent payments or need cheques for business purposes.
Term deposits
For customers seeking higher returns and more predictable income, People’s Bank offers fixed deposits with different tenures.
As an example of recent levels, LKR fixed deposits have been published at roughly 5.75% per year for 1-month deposits.
Going up to around 10.25% per year for 60-month deposits, with intermediate terms (such as 12 and 24 months) between those ranges.
Foreign currency deposits
The bank also provides foreign-currency savings and fixed deposits in major currencies like USD, GBP, EUR, AUD and CAD.
USD savings accounts have shown rates around 1.25% per year, while 12-month USD fixed deposits can reach roughly 4.50% per year.
These products are particularly relevant for migrant workers, exporters or anyone receiving foreign-currency inflows.
Cards: Debit and Credit
A card means less dependence on cash, greater convenience when travelling within the country and easier access to account balances through ATM networks.
Debit cards
People’s Bank issues Visa and Mastercard debit cards to eligible account holders, typically linked to savings, current, NRFC and certain others.
Individual, joint and proprietorship accounts can usually qualify, and in some cases, foreign-currency accounts for use within Sri Lanka.
Debit cards allow you to withdraw cash at ATMs, pay at point-of-sale terminals in shops and restaurants, and make online purchases.
Credit cards and key costs
On the credit side, People’s Bank offers Visa and Mastercard credit cards in various tiers such as Classic, Gold, Platinum, Signature and World.
Common features include instalment payment plans, supplementary cards, grace periods of up to around 51 days and flexible repayment.
Recent tariff guides from the bank show standard retail and cash-advance interest rates around 28% per year for most main card tiers.
- Joining fee: often in the range of LKR 750–1,500, depending on the card type.
- Annual fee (primary card): approximately LKR 1,500 for Classic, about LKR 2,500 for Gold, around LKR 3,000 for Platinum and up to about LKR 4,000 for higher-tier cards such as Signature or World.
- Annual fee (supplementary card): lower than the primary fee, with amounts varying by tier.
The first-year annual fee may be waived, and later annual fees can be refunded if the cardholder meets certain spending thresholds within the year.
Exact conditions can differ by product and campaign, so it is essential to read the latest tariff and offer documents before applying.
Digital Banking and Everyday Uses
People’s Bank services have expanded into personal internet banking for customers who want to manage their finances online.
Internet banking
Through this platform, account holders can view balances and statements, transfer funds to other People’s Bank customers or other banks.
Internet banking also supports bill payments to selected utility and service providers, card and loan repayments, and viewing of transaction histories.
This reduces the need to visit a branch and allows routine tasks such as paying electricity or mobile bills to be handled from home or the office.
Mobile banking and People’s Wave app
The People’s Wave mobile banking app extends these services to smartphones.
Users can log in securely to check balances, transfer funds, pay bills, top up mobile phones and monitor card transactions.
In addition, the app often includes tools such as real-time interest-rate and exchange-rate information, as well as locators for nearby ATMs and branches.
Contact Details and Head-Office Address
People’s Bank’s head office is located at:
People’s Bank
75, Sir Chittampalam A Gardiner Mawatha
Colombo 2
Sri Lanka
Key telephone contacts for the head office and general enquiries include:
Telephone (general): +94 11 248 1481
Additional lines: +94 11 232 7841–6 and +94 11 374 0740
Conclusion
People’s Bank services are a range of accounts, cards and digital services that cover most everyday banking needs in Sri Lanka.
From basic savings and current accounts to fixed deposits and foreign-currency products, the bank provides options.
It allow customers to pay bills, shop, send money and manage credit without relying only on cash.
Disclaimer: This article is for information purposes only and is based on publicly available data about People’s Bank at the time of writing. It does not constitute financial advice, an offer, or a recommendation to open an account or apply for any product; customers should verify all interest rates, fees, conditions and eligibility criteria directly with People’s Bank or with a qualified financial adviser before acting on this information.
