Children Endowment Account
Children Endowment Account
Our Children Endowment Account helps parents/guardians to maintain an account for child/ward until they attain the age of 18. This account is managed by the parent/guardian, i.e the parent/guardian is the signatory to the account and handles all transactions relating to the account until the child/ward becomes an adult. Minimum Initial Opening Amount #5,000, minimum account balance #1,000
Benefits
- Interest Rate Per-Annum is 2.5%
- Attainment of #100,000 daily account balance for 10 consecutive months qualifies for Fabulous gifts during 1st Birthday
- Withdrawal allowed only during 1st Birthday .
Any withdrawal prior to the birthday will lead to the forfeiture of birthday presents .
- Attainment of #200,000 daily balance for 10 consecutive months qualifies for 10% subsidy on cost of books after confirmation of list of books from school
- One Withdrawal allowed at the beginning of each Term. Any further withdrawals will lead to interest forfeiture for the quarter.
Requirements
1. Utility bill/Proof of residence (Not older than 6 months)
2. One passport photograph
3. Valid means of identification (National ID, Driver’s License, International Passport or Voters Card)
2. One passport photograph
3. Valid means of identification (National ID, Driver’s License, International Passport or Voters Card)