ITF Savings Account

Service/Product Target

• Parents intending to save money for dependents to use when they attain the age of 18.
• Administrators of a deceased estate appointed to keep custody of funds left for minors.

Benefits to the Customer

• Saving for a child or minor’s future needs.
• Funds held in the accounts are not part of deceased estate hence not subject to redistribution upon death of the parent.
• Flexible since the customers can make fresh deposits into the account.

Product Attributes/Features

• Account minimum balance of MWK10,000.
• Interest paid once a year.
• Account can be attached to any e-banking platform just like any other account.
• Account is attached to the adult customer number and the guardian is the signatory.
• All recoverable charges are applicable to the account in line with the Bank’s tariff as approved from time to time.

Costs To Access the Product

None.

Account Opening Requirements

• Account opening forms.
• Copy of National Identity.
• Signature specimen/thumbprint.
• Utility bills.
• Map to residence/ business premises.
• Birth certificate or documentary evidence for the date of birth of the minor.

Terms and Conditions

• When the guardian dies before the minor gets into majority age, money on the minor account doesn’t become part of the estate so cannot be redistributed.
• Account will be handed over when the owner attains majority age of 18 years.
• Account should not overdraw or operate below required minimum balance.