In this article, we are going to see what the best Banks in Sri Lanka have to offer which will help you make and be confident in your decision when selecting a bank since it can be quite challenging to determine the best Banks to cater to your needs.
Sri Lanka, formerly known as Ceylon is an island country in South Asia. It officially became Sri Lanka in 1972.
It lies in the Indian Ocean, separated from a piece of land by the Palk Strait, and shares a coastal border with Maldives and India making it visible to cultural influences from other Asian civilizations
Sri Lanka is densely populated with a highly diverse cultural landscape and is one of the best countries that has the most beautiful scenery. The majority of people in Sri Lanka are poor.
They live in rural areas and depend on agriculture as their source of income.
Sri Lanka proposes a different and competitive banking landscape, providing individual and business needs making it important and unique for customers to assess before making a choice.
A bank’s ability to cater to customers’ needs together with excellent customer service, plays an important role in receiving the title of the best bank.
List of Best Banks In Sri Lanka
Here are some of the best Banks you will find in Sri Lanka today.
- Commercial Bank of Ceylon
- Hatton National Bank
- Sampath Bank
- People’s Bank
- National Savings Bank
- National Trust Bank
- Seylan Bank
- National Development Bank
- Union Bank of Colombo
1 Commercial Bank of Ceylon
The Commercial Bank of Ceylon was crowned to be the Best Bank in Sri Lanka 12 times by FinanceAsia. It was granted at the 27th FinanceAsia Country Awards gala at the Ritz Carlton in Hong Kong on the 28th of June.
FinanceAsia invited banks, brokers, and rating agencies to showcase their determination and capability to support their clients as they deliver pleasing outcomes through the display of commercial and technical perception. Commercial Bank was the first to be awarded among all Sri Lankan banks.
It operates a network of 271 branches and 957 automated machines in Sri Lanka.It is the largest lender and leader in digital invention in the country’s banking sector.
The award was important because it looked beyond figures to determine factors such as advanced planning, client service, commercial growth, and customer principles.
Winners are therefore institutions that did not bind on mutual agreement on quality to improve financial achievement. The bank was known for its highest market share of deposit, and loan value among other sector banks through lending and efforts to to improve its visions and strategies.
Achievement of the highest asset and deposit base, largest lending portfolio, highest net, and gross income contributed to the success of Commercial Bank with the position of the highest market capitalization on the Colombo Stock Exchange (CSE).
- Visit Website: https://www.commercialbk.com/online/
- Phone number: +94115486000
2. Hatton National Bank
The Hatton National Bank, established in 1888 was engaged in retail, international, and corporate banking. It has earned the trust of its customers by providing banking services to retail and corporate clients like foreign currency transactions, wealth administration, internet, and mobile banking.
Hatton National Bank provides lending solutions with competitive interest rates, gives customers a technology banking experience, and offers specialized services like Islamic banking, making it an attractive choice for them.
- Visit Website: https://www.hnb.net
- Phone Number: +94112462462
3. Sampath Bank
Sampath Bank, established in 1987 was honoured for its notable achievements and commitment to virtue in the banking industry by Euromoney for the year 2023. The Euromoney Awards for Excellence serve as a platform to highlight the outstanding contributions of banking institutions worldwide.
This approval was presented to Sampath Bank’s Managing Director, Ayodhya Iddawela Perera during the grand award ceremony held in Hong.
Sampath Bank concentrates mainly on technological progress for a smooth and effective banking experience for customers.
Despite the extremely hostile conditions present in Sri Lanka over the past year, the Bank was still able to display an outstanding performance. Sampath has won this award five times in the past 10 years based on detailed submissions by market participants and was estimated on metrics including market capitalization.
The bank’s skill in technology approach has changed into a coherent online banking platform and mobile app suitable for recent days. Sampath Bank offers specialized services such as customized business loans.
Visit Website: http://www.sampath.lk
Phone number: +94 11 4712 013
4. People’s Bank
People’s Bank is one of the oldest and largest banks in Sri Lanka devoted to serving the financial needs of businesses by creating habitual solutions with the customers at heart. The branch network is easily accessible to all customers and contributes to social and community development in Sri Lanka.
It is supported and stabilized with government backing and offers different loan products and services including savings, deposits home, personal, and education loans, making it appealing to customers who need to borrow.
The bank is familiar with the unique challenges of operating, merging, and sales in professional practices and requires highly skilled knowledge, motivation, and commitment to craft something special for customers who are in the process of starting or expanding their businesses.
People’s Bank offers lending services, acquisition, construction, and renewal of commercial vessels to borrowers operating in Pacific Coastal water and has also been helping agricultural communities by rendering full-service agribusiness solutions and providing modern equipment to make them successful.
Whether you need assistance with student loan debt, upfront costs for starting a business, or investments for new technological advances, the commercial lending team at Peoples Bank can help.
- Visit Website: https://www.peoplesbank.lk
- Phone number: +94 112 031 001
- Email: info@peoplesbank.lk
5. National Savings Bank
The NSB, a government-owned savings bank founded in 1972 has been responsible in promoting the interest of savings among the people of Sri Lanka and offers a series of financial savings and investment products to provide customer needs.
The bank has a high savings interest rate, and flexible fixed deposit scheme and plays a crucial role in promoting financial literacy in rural areas to motivate clients to save for future use.
- Visit Website: https://www.nsb.lk
- Phone number: 011-2573008, 011-2573009
6. National Trust Bank
National Trust Bank, established in 1999 offers a broad retinue of financial services including personal banking, corporate banking, and business solutions.
The bank has a range of investment products providing various investor risks and offers attractive rewards and advantages with credit cards, making it a great choice for customers.
- Visit Website: http://www.nationstrust.com
- Phone number: +94 (0)11 4 414141
7. Seylan Bank
Seylan Bank, established in 1987 was designed to provide real value to their customers by offering specialized banking services, personalized customer services, and appropriate technology or digital banking thereby ensuring an individual touch to banking situations.
The bank is just, fair and compatible as recognized and rewarded by other stakeholders. The bank focuses on conventional commercial banking and operates from its Head Office in Colombo through its islandwide network of branches placing the customer’s desires at heart.
Their mission is to provide financial services to meet the customers’ needs in terms of value, delivery, pricing and services.
Their success for a longer period of time is due to the secure and fixed excellence in corporate governance, a highly advanced background of frugal or economical risk management, accountability, and steadfast adherence.
- Visit Website: https://www.seylan.lk
- Phone number: +94 11 2 008 888
8. National Development Bank
National Development Bank is a wholly state-owned institution founded in 1979 with its headquarters at Colombo Sri Lanka. National Development Banks (NDBs) are important in the mobility of private sector funding to close the finance gap to reach the Sustainable Development Goals.
The main role of NDBs is the provision of credit at a subsidised cost which has changed significantly with the understanding of the changing roles.
There have been widely thorough means of national development strategies that have helped to surmount major market failures in a flexible way.
Development banks help to counteract the pro-cyclical nature of the private financial system, which lends too much in booms and rations of credit during crises. NDBs have been bringing up new ideas in supporting new activities, recommending guarantees, and establishing equality.
Furthermore, they have advanced new programs to increase financial inclusion, such as “correspondent” stores and post offices that offer financial services from one or more banks.
They also have outstanding supporters of relevant sectors, such as sustainability and energy efficiency that favour well-governed establishment with an esteemed reputable staff to satisfy their roles well while assuring some minimal level of return.
NDBs have a great impact on emerging economies and have essential purpose in the development processes such as supplying countercyclical finance, motivating invention and structural transmutation, augmenting financial inclusion, supporting basic facility financing, and urging environmental sustainability.
- Visit Website: https://www.ndbbank.com
- Phone number: +94112448888, +94112448448
9. Union Bank of Colombo PLC
Union Bank of Colombo PLC, established in 1995, is a reputable bank that provides value-added banking services such as commercial banking and related financial services including, accepting deposits, personal banking, retail banking, and trade finance.
The bank’s digital platform offers effective Tech, thereby advancing the customer’s experience. It gives emphasis to personalized banking services by having great relationships with the customers.
The bank offers a wide range of banking products, ensuring thorough financial solutions for its customers.
- Visit Website: https://www.unionb.com
- Phone number: 011 237 4100
- Email: info@unionb.com
How To Choose Best Banks In Sri Lanka
Careful consideration is necessary in various factors when selecting a bank for your needs
- Assess bank need
- Check fees and charges
- Review digital services
- Consider Accessibility
- Read customer reviews
1. Assess bank need
Identifying your primary banking needs to provide accounts for managing and saving money as well as credit cards and loans such as mortgages is one thing to consider when choosing a bank.
There are two common bank accounts; a Savings account which is for short-term savings and gaining interest with a limited number of withdrawals per month, and a Current account for daily transactions.
2. Check Fees and Charges
Compare fees and charges of other banks that fit what you are looking for and get a close look at the pros and cons of each one to ensure they match your requirements.
Different banks offer widely different levels of service, charge different levels of fees, and will pay you significantly different amounts of interest on your money.
3. Review Digital Services
You need to evaluate and compare the bank’s strength in the digital or technological aspect either the online platform, a not-for-profit, or a mobile app to align with your preference because they are not built in the same aspect of banking.
For instance, online banking has lower overhead costs and uses some of that savings to attain higher rates on regular savings accounts, CDs, and money market accounts than you can find elsewhere.
4. Consider Accessibility
Accessing a bank is extremely important in choosing a bank. A swift scan to see which banks have recently experienced security breaches may help you rule out a bank in this regard.
5. Read Consumer Review
Having online reviews and customer feedback can give knowledge of the quality of service and customer satisfaction a bank can offer.
FAQs
Do all banks offer online and mobile banking services?
Not all banks offer these services, especially the smaller and rural banks that are yet to invest in digital infrastructure
Can one have more than one bank account?
There is no limit to the number of bank accounts you can hold, nor how often you change one bank for another.
Can one open another account if they have a change in mind?
Yes, you can if your first choice isn’t favorable for you.
What fees can I expect when opening an account?
You can inquire about the fees for ATM withdrawals, account maintenance, paper statements, overdrafts, and wire transfers from the bank to avoid unexpected charges.
Conclusion
Sri Lanka offers a diverse banking landscape, each bank having its unique strength, making it important for prospective customers to assess their specific necessities and forechoice before making a decision.
By carefully examining the bank’s services, fees, and accessibility, customers can find the perfect bank suitable for their use. Countries that already have these banks should aim to expand their roles, while others should consider establishing them.
Doing so would increase the growth in private bank credit and also help to create a financial system that better serves countries’ economic and social needs.
