Because every wish list needs a plan
Product Overview
The Children’s Savings Planner is designed to help parents systematically save for their child's future such as-higher education or other significant expenses. This account encourages long-term savings through structured contributions, providing an effective way to accumulate a substantial savings pool over time.
Eligibility Criteria
- Age Requirement: 0-18 years of age
- Residency: Must be a resident of Sri Lanka
- Sri Lankan citizen employed abroad, resident outside Sri Lanka (Excluding emigrants)
Product Features
- Joint accounts: permitted with parent or guardian
- Maturity date: until minor reaches 18 years/any date between 1-18 years (if matured before the minor turns 18 years funds should be transferred to a Shilpa Children's Savings Account)
- Due Date: one month from the opening date
- Mode of communication: e-statements
- Sweep In/Out: not allowed
- Debit cards: not allowed
- Cheques or pay orders: not accepted
- Lump Sum Amount: a deposit of a lump sum is allowed subject to minimum of LKR 10,000/-. The lump sum and the first instalment need to be deposited at the time of account opening