Young Savers Account for Pakistani Kids

Bank Al Habib has now designed an account for minors. This is a new type of account available for the first time in Pakistan. The account named YOUNG SAVERS ACCOUNT will benefit all those who are below 18 years of age and want to earn savings over their earnings or collected money. Some kids like me are too intelligent to earn even below 18 years of age. 

The minimum amount needed to open an account is as low as Rs.5. The bank expects a profit rate of 10 percent p.a. which will be payable half yearly. With Young Savers account, your account balance can’t exceed by Rs.500,000 or otherwise your account will not be eligible for crediting of savings. Minors can have a maximum of 5 withdrawals in a month. Withdrawing more than 5 times a month will result in no profit over your savings for that month. Young Savers who are under 16 may have an ATM/Debit Card available to their parent/guardian while those who are 16 years or more can have their own ATM/Debit Card.

 Until you are not 18, your account will be controlled by your parent/guardian. After you have reached 18 years of age, the balance will be transferred to your new independent bank account which will be opened after fulfilling a few formalities. Representatives of Bank Al Habib will also visit schools to help you open your Young Savers account.

Similar Posts:

• UBL introduces Prepaid VISA Debit Card
• UBL gifts Prepaid Debit VISA Card as Eid Gift
• Habib Bank Limited 100 Percent Cash Back Offer
• UBL Debit Card Got Power of Credit Card
• Telenor introduces Direct Debit Service