Mbofra Daakye/Child Savings
MD
- Category: SAVINGS
- Interest: 1.5 per quarter
- Interest Type: FLAT
- Total Interest: 6% per annum
Detailed information of the product
Accounts can be opened for children below eighteen years (18) of age with an authenticated document.
The account shall be operated through the guidance of a Trustee on behalf of the child/ward.
After the beneficiary attains age 18 years, the account shall be transferred to him/her with a letter from the Trustee.
The minimum monthly deposit for the child savings account shall be determined by the BOD from time to time.
The child savings account shall attract interest quarterly. The interest rate shall be at par with ROAACCU Prime Savings.
Holding of a child savings account shall not qualify a member or account holder for a loan.
Acquiring minimum shares with this account is not mandatory.
No savings withdrawal in the first 12 calendar months.
Partial withdrawal of 50% on each years savings can be withdrawn in the following year on behalf of the child on production of relevant supporting document.
The account can be used as a guarantee for loan.