Kid Saving Accounts 

Product Name

Kids Saving Accounts

Description

The Kids Savings Account is another type of savings accounts for children, which helps the customers to save the money for the future of their kids. This product is suitable for the customer to save for their love ones and to plan for their children’s future finance. This account can be deposited anytime without the limitations on depositing transactions and amount. 

Benefits
  • Receive a higher interest than other savings which is same as the 6-month term interest rate that the bank announces in each period.​
  • Can be used as guarantee for the customer’s financial position.
  • The interest can be checked on BCEL’s website (www.bcel.com.la)

Terms of Service
  • The parents can open this type of account for their children with the age below 13 years old by presenting the Household Registration Book or Birth Certificate for the kids who are not registered in the household book as a reference for the children’s information.
  • The parents must open their own savings accounts or current accounts (In case of not having any) as a pair account of the kids Savings Accounts for receiving of the interest. Every time of depositing, the parents must present their Children’s account passbook to the bank to update the account balance.
  • Can deposit regularly without any limitations of deposit transactions and amounts.
  • Children’s Saving Account can be used until the child is 18 years old while a minimum period of deposit is 5 years.
  • The depositor can access the fund in the Kids Savings Account when the child reaches 18 years old and the maximum depositing period is 15 years.
  • The interest of Children’s Savings Accounts might be changed according to the notification from the bank without the prior notice.
  • The bank shall pay the interest 1 time/year on December by transferring to the secondary account.
  • If the Kids Savings Account does not have any transaction within a year, the account might be closed and the fund would be transferred to their parents’ accounts immediately in which the account holder might not be informed in advance. 
  • In case of closing the account before 3 months from the account opening date, the interest will not be paid by the bank.
  • In case of closing the account after 3 months but less than 5 years, the bank shall pay the interest as the Savings Deposit Account of the same depositing currency which the bank applied on the closing date and also collect back the paid interest in advance.
  • In case of closing account after 5 years (from the account opening date) but not reach maturity date (18 year of age of the child), the bank shall pay the interest as mentioned in the contract, but the bank shall charge the advance closing fee of  100,000 LAK/ 13 USD/ 440 THB/ 90CNY.

Fees
  • Opening a bank account amount: 50.000 LAK/ 10 USD/ 500 THB
  • Opening a bank account fee: 10,000 LAK/ 2 USD/ 50 THB/ 10 CNY/Account/time

(Remarks: Fees shall be according to the bank’s announcement for each period)

Regulations
  • Account’s name must be the name of the child in full name in which their parents will act on his/her behalf to perform the transaction of the child’s account.
  • The account holder must keep his/her passbook in a safe place, in case of loss/damage/dirt the owner must inform the bank immediately.
  • In case of issuing a new passbook (loss/damage/dirt), a charge will be applied according to the current regulations set forth by the bank
  • The passbook is allowed to use only for the account owner and the right cannot be transferred.