Sinqee Womens  Saving Account    

 

1. 1. Product category: Deposit account
      1. Product type: Special saving

       

      1. 1. Features

1. 1. It is a saving account opened for individuals  below the age of 18;

1. 1. The account shall be opened and operated by parents or legally appointed tutor until the minor reaches at age 18; and

1. 1. At a time of reaching major, it shall be converted to ordinary saving account and operated by the major.

1. 1. It can be opened with zero balance given that there is a reasonable source of fund that can bring the balance to the minimum amount of Birr 100 within fifteen days;

1. 1. The parent/guardian shall deposit birr 100.00 monthly to retain the benefits attached to the account

1. 1. It provides higher interest rate than ordinary saving account(Normal interest plus 0.5%); and

1. 1. It shall be converted to normal/ordinary saving account when the account holder reaches to the age of 18;

1. 1. The account will be treated us no debit account and withdrawal will be allowed  for reasons related to tuition fee, medical expense   and parent/guardian  loss of income

1. 1. A minimum amount of Birr 100 has to be maintained to qualify for interest calculation.

       

      1. 1. Eligible entities

1. 1. All individuals whose age is below 18.

       

      1. 1. Required Documents

 

1. 1. A ruling by a parent or court order appointing the lawful tutor/guardian for the minor;

1. 1. Valid and renewed ID card of the tutor/guardian or the parent;

1. 1. Two recent digital photograph of the parent and the minor; and

1. 1. A church certificate, a municipality certificate or a certificate from a hospital, etc. that gives the date of birth of the minor.

       

      1. 1. Benefits

            To Ahadu: to attract new potential customers and enhance financial inclusion

            To the customer:  a) the minor will be eligible for seasonal gifts considering account and educationperformance,

                                             b) When attaining 18 the account holder will be eligible for loan services like higher education loan, cost sharing settlement loan