Types of Banks in Sri Lanka

There are several types of banks operating in Sri Lanka, including commercial banks, state banks, and foreign banks. Each type of bank has its unique features and benefits, which we will discuss below.

As a rapidly developing country, Sri Lanka has become a hub for international trade and investment. As a result, the banking sector has also evolved significantly to keep up with the needs of the growing economy. In this guide, we will take a comprehensive look at the banking services available in Sri Lanka and how they can benefit you.

Commercial Banks

Commercial banks are the most common type of bank in Sri Lanka. They offer a wide range of services, including savings accounts, current accounts, fixed deposits, loans, credit cards, and online banking. Commercial banks in Sri Lanka are regulated by the Central Bank of Sri Lanka.

State Banks

State banks are owned and operated by the government of Sri Lanka. They offer similar services to commercial banks, but their focus is on providing banking services to the rural population and small businesses. Some examples of state banks in Sri Lanka include Bank of Ceylon and People’s Bank.

Foreign Banks

Foreign banks are banks that are headquartered outside Sri Lanka but have branches or representative offices in the country. These banks offer services similar to commercial banks, but they often have a more significant focus on international banking services.

Banking Services in Sri Lanka

Now let’s take a closer look at some of the banking services available in Sri Lanka and how they can benefit you.

Savings Accounts

Savings accounts are the most popular banking service in Sri Lanka. These accounts allow you to deposit money and earn interest on your savings. They offer various benefits, such as the ability to withdraw cash from ATMs, online banking services, and mobile banking apps.

Current Accounts

Current accounts are suitable for people who need to perform frequent transactions, such as business owners. These accounts offer features such as checkbook facilities, online banking, and overdraft facilities.

Fixed Deposits

Fixed deposits are an excellent way to earn higher interest rates on your savings. They are a popular investment option for people who want to earn a steady income from their savings.


Banks in Sri Lanka offer various types of loans, such as personal loans, home loans, and business loans. These loans come with different interest rates and repayment terms, depending on the type of loan you choose.

Credit Cards

Credit cards are a convenient way to make purchases without carrying cash. Banks in Sri Lanka offer various credit cards options, such as Visa, Mastercard, and American Express.

Conclusion-Banks in Sri Lanka

In conclusion, Sri Lanka offers a wide range of banking services to cater to the needs of its growing economy. Whether you’re looking to save money, invest in fixed deposits, or take out a loan, the banking sector in Sri Lanka has got you covered. By choosing the right bank and the right banking services, you can enjoy the many benefits of banking in Sri Lanka.