Bank Account for Minor in Bangladesh

Bank Account for Minor is very important banking in emerging economies. Different commercial banks in Bangladesh are offering different kinds of services to minors. So far 7 Banks provided the best student account in Bangladesh.

Eastern Bank Limited

 

Bank Account for Minor in Bangladesh

EBL JUNIOR SAVINGS ACCOUNT

EBL Junior Savings Account is designed exclusively for school going children aged below 18 years. Get your children into the habit of saving and get them in banking.

What is the account about?

This account is only for Children but it will be operated by the parents until his/her maturity (18 Years).

What is there for you?

• Now you can guide your children to save and spend their money judiciously. With EBL Junior Savings Account, you can even directly deposit the pocket money into your child’s account. The best part of it is you can still maintain complete control over the account while your child enjoys the benefits of banking. Simple, isn’t it?

Features

  • Highest interest rate
  • Interest will be calculated on daily balance
  • Dual Currency Debit Card for Operating Parent. *
  • Cheque Book Facilities
  • Free Local debit card for child
  • Free ATM cash withdrawal facilities at all EBL ATM’s
  • Free internet banking facilities
  • No minimum balance fee
  • No account maintenance fee
  • The minimum initial deposit amount is only BDT 100/=

Eligibility

  • Any Bangladeshi school going children aged below 18 years will be eligible to open EBL Junior Savings Account
  • Children can not open the account with anyone other than his/her parents
  • Minimum balance for interest accrual BDT 10,000/=

Required documents to open EBL Junior account

  • Photocopy of School ID or Certificate from school or Payment slip of latest tuition fees.
  • Photocopy of Birth certificate (Student).
  • One copy passport size photograph of the nominee (photograph to be attested by the applicant)
  • Copy of recent utility bill (Gas, Electricity, Wasa, Telephone) as a proof of mailing address
  • Photocopy of Parents National ID/Passport
  • Two copies passport size photograph of the student
  • One copy passport size photograph of parent.

Special Benefits

Complimentary Insurance Coverage – EBL Junior Account holder will be entitled for the following coverage:

  • Loss of Life of the paying parents due to accident – BDT5,000 per month for 60 months for the Tuition Protection of the child.
  • Permanent Total Disability (PTD) of the paying parents due to accident – BDT5,000 per month for 60 months

Any insurance facility is subject to –

Availing and maintaining EBL Debit Card tagged with the Account

• Meeting Age Criteria for the insurance
• Properly filled up and signed “Good Health Declaration” form provided by the branch
• Maintaining Minimum Month-end balance of BDT 10,000

For more details

EBL CAMPUS ACCOUNT

Under the umbrella of EBL Student Banking “EBL Campus”, yet another wonderful product specially designed for the students that directly take them into the rewarding world of general banking. It’s very own, very special savings account with no hidden charges or restrictions while giving very attractive interest on daily balance. Plus a super-smart plastic in your wallet!

Key Features:

  • Attractive interest rate.
  • Interest will be calculated on the daily balance.
  • Dual Currency Debit Card facility. *
  • Cheque Book facilities
  • Free ATM cash withdrawal facilities at all EBL ATM’s.
  • Free internet banking facilities.
  • No minimum balance fee.
  • No account maintenance fee.
  • The minimum Initial deposit amount is only BDT 500/=

Eligibility & Requirements:

  • Any student aged from > 18 – 28 years will be eligible to open EBL Campus Account.
  • Minimum balance for interest accrual BDT 10,000/=

Required documents to open EBL Campus account

  • Photocopy of Valid Student ID Card
  • Photocopy of National ID Card/ Valid Passport/ Birth Certificate (with attested photo ID)
  • One copy passport size photograph of the student.
  • One copy passport size photograph of the nominee.
  • Copy of recent utility bill (Gas, Electricity, Wasa, Telephone) as a proof of mailing address

Special Benefits

Complimentary Insurance Coverage* – EBL Campus Account holder will be entitled to the following coverage:

  • Loss of Life of the paying parent due to the accident – BDT 5,000 per month for 60 months
  • Permanent Total Disability (PTD) of the paying parent due to accident – BDT 5,000 per month for 60 months
  • Accidental Medical Reimbursement Benefit for students: up to BDT 15,000

Any insurance facility is subject to

  • Availing and maintaining EBL Debit Card tagged with the Account
  • Meeting Age Criteria for the insurance
  • Properly filled up and signed the “Good Health Declaration” form provided by the branch
  • Maintaining a Minimum Month-end balance of BDT 10,000

For more details

EBL STUDENT FILE SERVICES

EBL Student File service provides customized banking solutions to students going abroad for higher education. Any student pursuing higher studies requires to legally send funds abroad for tuition fees and living expenses. EBL Student File is a convenient and hassle-free way to send funds abroad.

EBL Student File is a complete package with the following banking services:

Remittance Sending Features

  • Convenient and quick fund transfer facility throughout the course tenure.
  • Reliable and legitimate source to send money which can later be used as proof in future for achieving permanent resident status.

Documents required to open the Student File are:

  • Offer letter from the overseas educational institution.
  • Information regarding tuition fees & living expenses. (in case of advance payment refund policy should be mentioned)
  • All relevant educational certificates & transcripts including IELTS, and TOEFL (if any). Originals need to be shown at the branch.
  • Detailed information of the person financing the student with a copy of the passport size photo.
  • Bank details for sending fees to the educational institutions.
  • Original passport & visa copy (if available) of the student.
  • A copy of the passport size photo of the student.

Student File Fee:

  • Student File Opening Fee: BDT 5,500 (excluding VAT)
  • Student File Renewal Fee: BDT 4,500 (excluding VAT)

Remittance Charges:

As per Schedule of Charges.

Note:

  • Savings account required with EBL (preferably financer of the student).
  • Both the student & financer should be present in person at the time of opening student file.

Savings Account

  • Lowest minimum balance requirement for interest.
  • Dual currency debit card & cheque book facility.
  • Complementary Insurance Coverage (applicable for EBL Premium savings, EBL 50+ savings and EBL Smart Woman’s Savings account).
  • Range of Propositions on Debit Card: For details please visit: http://www.ebl.com.bd/retail/ebl-retail-propositions

Required documents for account opening:

  • National ID or Valid Passport
  • Recent Passport Size Photo of Applicant (2 Copies)
  • Copy of Recent Utility Bill-Gas/Electricity/WASA/Telephone
  • Nominee’s Photo ID and Recent Passport Size Photo (attested by Applicant)
  • Beneficial Owner/ Financer’s photo, NID/Valid Passport & source of fund documents (Trade License/ Office ID etc.)

Cards Service

In addition to sending living expenses abroad for study purposes through student file service, special card facility is available for students to meet any emergency needs e.g. Health Insurance fees etc. (prior to leaving for study abroad).

Credit Card Features

  • Zero Renewal Fee (if transacted a minimum of 18 times in a year)
  • Discounts on numerous partner outlets
  • 45- Days Interest-Free Period
  • One call card block
  • Priority Pass Airport Lounge Program
  • Risk Assurance Program
  • ZIP and EasyCredit Facility
  • Faster access to funds globally 24×7 with cash withdrawal facility worldwide at applicable ATM networks
  • Convenient Payment Option through EBL Branch, Dropbox, EBL Skybanking facility etc.

Prepaid Card Features

  • Dual Currency EMV Prepaid Card
  • Discounts on numerous partner outlets
  • Banking without any bank account
  • Absolutely free Cash withdrawal from any EBL ATM
  • One call card block
  • Convenient Payment option through EBL Branch, Dropbox, EBL Skybanking facility etc.
  • Faster access to funds globally 24×7 with cash withdrawal facility worldwide at applicable ATM networks
  • International and local shopping

EBL CHILD FUTURE PLAN

EBL Child Future Plan a unique recurring deposit protection scheme (DPS) which will help you to save for your child’s future. To fulfill your child’s dream & aspirations, this savings can be used for higher education, marriage or meeting any special needs of your children.

Feature & Benefit:    

  • Choice of Tenure is available for 3, 5, 10 & 15 years
  • Competitive Interest rate
  • Monthly installment amount: Any multiple of BDT500 not exceeding BDT15,000.
Tenure in year 3 5 10 15
Installment 500 18,855 32,400 70,045 113,770
1,000 37,710 64,800 140,090 227,540
5,000 188,550 324,000 700,450 1,137,700
10,000 377,100 648,000 1,400,900 2,275,400
15,000 565,650 972,000 2,101,350 3,413,100

Eligibility & Requirements:   

  • Any Bangladeshi school going children aged below 18 years will be eligible to open EBL Child Future Plan
  • Must have a EBL Junior Savings Account with EBL

EBL ASPIRE SCHEME

EBL Aspire is a midterm recurring deposit protection scheme (DPS) with higher return which will help you to save for your child’s future.

Features:

  • Choice of Tenure is available for 3, 5 and 7 years
  • Monthly installment amount: any multiple of BDT 1000, starting from BDT 5000 not exceeding BDT 100,000.
  • Any EBL Junior and Campus account holder can open this account
  • No Initial Deposit needed
  • Automatic realization of monthly installments
  • Maximum 90% Loan facility against EBL Aspire Scheme for Campus account holders
  • In case of Early encashment, Interest forfeiture will be as below:
    • Closed Before One Year – No Interest will be provided
    • Closed After one Year but before three Year- Interest at Savings Rate
    • Closed After 3 Year- 2% less than EBL Aspire Scheme Rate

The below Maturity Value Table shows the different installment amounts on available tenures:

Maturity Amount

 

Monthly Installment 3 years 5 years 7 years
5,000 188,573 324,041 467,876
10,000 377,146 648,082 935,752
15,000 565,719 972,123 1,403,628
20,000 754,292 1,296,164 1,871,504
25,000 942,865 1,620,205 2,339,380

* Multiple of 1,000; Minimum amount 5,000; Maximum 100,000 Monthly Installment

Note:

  • For other installments maturity value will follow the above table; i.e. if monthly installment is BDT 8000 for 5 years, the maturity value will be 1.6*345982=553571.2 (as 8000/5000=1.6).
  • Above Monthly Installments are based on prevailing interest rate, and will change with rate change.
  • Maturity value is subject to proper and regular payment of the prescribed monthly installments
  • Maturity Amount showed here is subject to income tax and/or other levies.

Eligibility:

  • Must be EBL Campus/Junior Account Holder
  • Citizen of Bangladesh

 

Standard Chartered Bank:

School Banking Account

Features:

  • It is a Minor account, opened with parent/legal guardian as an authorised signatory.
  • Get Attractive interest rates on any balance kept in the account.
  • With Zero minimum balance requirement.
  • Interest will be earned on monthly average balance and applied to the account quarterly.
  • No account maintenance fee.

  • Nationality – Bangladeshi citizens
  • Age – Below 18 years old

You will need :

  • Copy of valid Photo ID of Parent (such as Passport/National ID/Driving License, etc.)
  • Photograph of the applicant
  • Copy of applicant’s School ID Card and Birth Certificate
  • Resident address verification document (e.g. Utility Bill, etc.)

For Salaried Parent/Legal Guardian

  • Proof of Income document (e.g. Letter of Introduction/ Appointment letter/ Salary Certificate/ Bank Statement reflecting salary, etc.)
  • Proof of occupation document (e.g. Employment contract / Business Card/ employee photo ID, etc.)

For Self-employed Parent/Legal Guardian

  • Proof of Income document (e.g. Bank Statement/ Companies Audited Financial report/ Tax Return Acknowledgment Receipt with monetary indication, etc.)

More Details

  • For more information please contact our Contact Center 16230 or visit your nearest EBL Branch or email [email protected]

Read more:

Leave a Comment