ITF Account
Service/Product Target
Children or persons under the age of 18
Product Attributes/ Features
- Minimum Balance of MK10,000
- Interest paid once a year.
- Interest is at 3% per annum. Subject to review
- Signatory is the guardian.
Benefits To The Customer/User
Saving for a child or minor’s future needs.
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
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
