Bank of China Future Savers Account is designed for children below the age of 15 years. Through this account, you can save money on behalf of your child, which will help him/her in the future. It is a SGD passbook savings account that offers a high rate of interest.
Features and Benefits of Bank of China Future Savers Account:
- Bank of China Future Savers Account is a joint account. The account for the child has to be opened along with a main applicant who can be either the parent or his/her legal guardian.
- This account does not require a minimum initial deposit.
- There is no service charge for coin or cash deposits.
- Account holders can enjoy service charge waiver on Standing Collection.
Deposit Insurance Scheme:
The SGD Deposits made by non-bank depositors are insured by the SDIC (Singapore Deposit Insurance Corporation), for an aggregate of up to S$50,000 per depositor for each Scheme member.
|Less than S$5,000||0.35% p.a.|
|S$5,000 – S$19,999|
|S$20,000 – S$49,999|
|S$50,000 – S$99,999||0.4% p.a.|
|$100,000 or more||0.475% p.a.|
Disclaimer – The above mentioned rates can be changed at any time by the bank.
- The main applicant has to be a parent of the child or his/her legal guardian.
- The main applicant should be a Singapore Citizen/Permanent Resident/Foreigner who has a Work Permit or Employment Pass with valid Passport and ID proof.
- The child has to be less than 15 years old.
- The child’s residence should be in Singapore.
- One child can open only one Bank of China Future Savers Account.
- The main applicants are required to bring their Passport or NRIC along with the original copy of their child’s Birth Certificate when they visit the bank for the application process. Apart from the above documents, foreigners are supposed to bring their Work Permit or Employment Pass as well.
- If the child is a Singapore Citizen/Permanent Resident, then it is not compulsory for him/her to be present at the time of application.
- If the child is a Foreigner, then it is compulsory for him/her to be present at the time of application along with his/her Birth Certificate and valid Passport.
How to Apply?
To apply for Bank of China Future Savers Account, the main applicants have to visit the nearest branch of the bank along with the required documents.