The product is designed to encourage parents to save for children’s future needs. It is like a trust fund account that matures upon the child reaching 18 years of age.
- It is like a trust fund account that matures upon the child reaching 18 years of age;
- A proper letter of application submitted by the parent/ guardian on behalf of the minor;
- The account is opened by parents/ guardians on behalf of a child,
- The guardian must not be allowed to operate the minor’s account until the minor attains adult status or in the event of the death of the minor unless in the case of force majeure.
- If the guardian is appointed by the court, a ruling by a court order appointing the lawful guardian for the minor should be presented.
- The initial minimum deposit for the opening of saving Accounts shall be Birr 50 (fifty birr) while the minimum balance for interest accrual is Birr 101 (One hundred one birr).
- The account bears a higher interest of Minimum saving interest rate plus 0.5%.
