The airline will fly from Madurai in South India at 12.30 pm and land in Colombo at 1.30 pm. The Colombo - Madurai will is from 2.35 pm to 3.20 pm, India's The Hindu newspaper said.
Spicejet's online booking engine is offering return tickets at 9,009 Indian rupees, with Madurai Colombo leg at 5,638 and the return leg at 3,371 rupees without a meal. A sandwich costs about four dollars.
"We are getting lot of enquiries, mostly from tourists, ever since we started the booking. As an inaugural offer, we are giving tickets for as low as Rs. 2,999 for limited seats," Gary Freeman Gary a Spicejet marketing official was quoted as saying.
Spicejet has an extensive domestic network in India and also flies to Dubai and Kathmandu.
Bombardier Q400 is a cost effective aircraft for short routes which is said to be able to break even with only half the cabin full.
Spicejet also operates Boeign 737 jets.
India is Sri Lanka's largest generating market for tourists and many Sri Lankans also fly to India especially for pilgrimages.
India's aviation sector has been growing since its rulers gave freedom for citizens to operate their own airlines breaking a state monopoly that had restricted the people.