An internal voltage generator for memory bank peripheral circuitry, a semiconductor memory device having the internal voltage generator, and a method for generating an internal voltage are provided. A switchable internal voltage generating circuit according to the present invention includes a control section and an internal voltage generating circuit. The control section generates a control signal in response to a bank activation command and a bank activation signal for enabling memory banks. The internal voltage generating circuit receives a reference voltage, and responds to the control signal to output an internal voltage equal to the reference voltage. The control signal is enabled when the bank activation command and the bank activation signal are concurrently enabled. The bank activation signal is generated in response to a bank address. The internal voltage can be supplied only to peripheral circuits of the banks selected by the bank address, thereby preventing unnecessary power consumption, effectively controlling the internal voltage, and always properly supplying the internal voltage.