Bank of Maldives (BML) has launched a promotion of its newly introduced Kids’ Saver Account, with a chance to win up to MVR 15,000.
This is the first bank account designed specifically for young people, that BML has introduced. The account will be operated by the child's legal guardian and the money saved will be available for use when the account holder reaches the age of 18.
Customers looking to open a Kids' Saver account within this period are also eligible to receive a complimentary reloadable MasterCard Prepaid Card. The Prepaid card will be issued under the name of the underage account holder. Any customer under the age of 18, while applying for the Kids’ Saver account, may acquire a free MasterCard.
The promotion period is set to conclude at the end of October.
Additionally, BML announced a lucky draw which will award the grand winner a cash prize of MVR 15,000, while three other lucky applicants will draw MVR 5,000 each. The cash prize will be deposited into the Kids’ Saver accounts of each winner.
The Kids’ Saver Accounts can be made in both US Dollars and Maldivian Rufiyaa, following a minimum deposit of USD 10 and MVR 100, respectively. Furthermore, the operator of the account may make deposits, whichever way, without incurring additional charges.
The balance of the account may be viewed via Internet Banking, as with other BML accounts.
An account holder's guardian is authorized to withdraw money from the account once a month, albeit solely for medical emergencies and for costs of on-going education of the account holder.
The money can also be utilised as equity for a BML Student Loan.