The new account permits unlimited withdrawals and automated teller machine facilities.
The bank also has other accounts which give extra interest when only a few withdrawals are made.
Sampath's head of marketing Tharaka Ranwala said in the statement that the new savings deposit pays the highest interest available in the market.
Sri Lanka's banking sector has been paying extremely low interest rates of around 5.0 percent with inflation running at the highest in the country's history of close to 30 percent resulting in large losses to small savers especially in rural areas.
However fixed deposit rates have been higher, especially in privately owned commercial banks which are frequented by economically literate city dwellers.
The island's private sector banks are leading the way in giving better returns to savers.
Commercial Bank of Ceylon