BML introduces new Savings Account for Children

Bank of Maldives (BML) has introduced a bank account dedicated to children that can be opened in their own name.

Director of Retail Banking at BML, Mohamed Shareef said today that the newly introduced Kids’ Saver Account would allow children to have their account in their own name as opposed to the previous children’s accounts opened in the name of their parent or legal guardian and had the same characteristics as normal savings accounts.

The Kids’ Saver Account can be opened in both Maldivian Rufiyaa and US Dollars, with a minimum balance of MVR 100 and USD 10 respectively. The interest rates are 2 percent for Maldivian Rufiyaa and 1.5 percent for US Dollar accounts.

The long-term savings account is designed to be accessed by the child once they reach the age of eighteen. Parents are given the option of withdrawing savings earlier for medical or education related expenses, and will be limited to one such transaction a month.

BML says that the new Kids’ Saver Account is aimed at raising financial awareness among children, and to encourage a culture of savings in the country.