Depositors with school children who attend primary education may want to consider opening an OCBC School Savings Account together with the School Protection Plan for their school-going children. Actually, parents with non-school-going children below nine years old are also eligible for this savings account.
The OCBC School Savings Account is an interest bearing savings account that comes with monthly statements showing all transactions details.
It is a trust account held in name of Parent(s) and Guardian(s). The child is the beneficiary but not the savings account holder.
OCBC School Savings Account pays one of the best interest rates for a kids savings account. Currently, the best interest rate stands at 0.48% p.a.
You can earn one of the highest rates for children savings account interest rate with a minimum initial deposit of S$100. Please note there are minor charges that apply under terms and conditions of using the OCBC School Savings Account.
There is no monthly account fall below balance fees for OCBC School Savings Account. To be eligible, individuals must be aged 21 to 50 years old. The beneficiary (child) should be aged 1 month to 9 years old for this OCBC School Savings Account.
Documents required for the OCBC School Savings Account are:· NRIC / Passport of the account holder (s) (parent(s))· Birth Certificate of the child (beneficiary of account)· A copy of the School Protection Plan insurance proposal form
For those keen to encourage their children to save regularly and earn even higher interest rates, turn to the OCBC Mighty Savers Programme.
For more details on OCBC School Savings Account visit OCBC website.
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