A convenient and innovative new method of saving introduced in Sri Lanka by Lanka Bell in partnership with Seylan Merchant Leasing PLC (SML), enables Lanka Bell subscribers to create accounts and deposit money through their CDMA phones.

Lanka Bell’s post-paid CDMA subscribers can now open accounts with SML from their homes and make deposits when they settle their monthly phone bills, in an exciting new convergence of communications and banking.

Commenting on this latest value added service, Lanka Bell Managing Director Prasad Samarasinghe said: "This is the first time in Sri Lanka that a CDMA operator is facilitating saving via phones. We are proud to introduce such a service to our subscribers through which they would be able to save money for themselves and their children."

He said that this service would be introduced to Lanka Bell’s pre-paid subscribers as well in the future.

When an account holder makes a deposit, it will be debited to his or her next phone bill. The amount will be credited to the account when the bill payment is made to Lanka Bell by the customer. When the money is credited to the SML savings account, the account holder will receive confirmation via SMS.

For example, if an accountholder deposits Rs.100 in an SML account and his or her phone charges stand at Rs.500 for the month, the phone bill will be Rs.600 for that month. When the customer pays the bill in full, Rs.100 will be credited to the SML account.

Elaborating on the value of this new facility, SML Deputy Chairman Rohan Senanayake said: "This is the perfect facility for those would like to make small deposits periodically, and find visiting a bank a hassle. "Our intention is to boost the saving habit of Sri Lankans which is an urgent need of the hour."

"Even as little as Rs.50 may be deposited through this facility from the comfort of people’s homes," he pointed out.