Product Overview
BACCSOD’s Child Education Account is a form of savings targeted at children’s education. The target group of the account is children below the age of 18. The account should be operated for at least 10 years in order to qualify for full interest. However, for the purposes of the child’s education, the parent could be allowed to withdraw funds from the account before maturity
Account Opening Requirements
- national identification card
- photocopy of birth certificate of the child,
- passport-size photograph of the child
- passport-size picture and national ID of parent (In-trust account)
- Digital address, residential or business address.
Benefits of the Account
- account enjoys an interest same as BACCSOD fixed deposit rate per annum
- parent(s) can use the account to secure (guarantee) a loan in support of the child’s education
- This account is to cultivate savings habits in the child.
- Easy access to funds when due for withdrawal
- Safety and reliability of funds
- Account acts an investment securing the child’s education against future uncertainties
