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


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.



To be the most successful financial institution in Malawi with an internationally visible presence.

Mission Statement

To provide outstanding and inclusive financial solutions that deliver sustained stakeholder value.