What do I need to know about this savings account?
This is a simple Islamic junior savings account, made for those below the age of 18 years. Similar to the Al-Awfar Savings Account-i, you will be able to participate in lucky draws that are held monthly and quarterly to win awesome cash prizes. Besides that, you can also earn a modest profit from all your account balance.
An account holder can withdraw for the account without a passbook via Over-The-Counter, and ATM machines, but a debit card will only be issued to those between the ages of 15 and 18.
Anything else I should know about the Bank Islam Al-Awfar Junior Account-i?
Apart from winning cash prizes and earning a profit on your account balance - there will be a time when your child reaches the age of 18, and well, we can't really call him or her a junior anymore...right?
When the time comes, the savings account will automatically be converted to become the Al-Awfar Savings Account-i - this is done only once the account holder is officially 18 years old.
Who is eligible to open an account?
As mentioned above, individuals below 18 years old are eligible to open the Bank Islam Al-Awfar Junior Account-i savings account. An initial minimum deposit of RM50 is required if you wish to open an account. You must maintain a monthly balance of RM25 to avoid your account from being dormant and ultimately closed!
- Trust account type will be opened for the minor account holder( Below 13 years old )
- An individual account type will be opened for the youth account holder ( Between 13 to below 18 years old )
Are there any other fees and charges?
Sure - the replacement for an ATM card will set you back RM12.