Junior Savings Account
Junior Savings Account
Overview
Account Type: A savings-only account opened on behalf of a minor (children below 18 years) and operated by a parent or guardian of 18 years and above.
Registration Fee: The registration fee for the minor account is Sh. 400.
Minimum Contribution: The minimum monthly contribution is Sh. 50.
Financial Terms & Contributions
- The guardian or parent shall be a member for a minor account to be opened.
- This shall be a pure savings account.
- The account shall be exempted from all charges, including the benevolent fund.
- It shall be entitled to distributable surplus.
- The account shall not be used to take a loan. However, it may be used to guarantee a loan of the parent or guardian taken for the purpose of school fees or hospital bills for the minor only.
- Having a minor account shall not grant the holder an extra vote.
- The guardian/parent shall be the de facto next of kin to this account.
- The guardian or parent will be consulted and will declare in writing about reverting the funds to the minor when he/she attains the age of 18 years.
Registration Requirements
- A filled Minor account registration form.
- Copy of National ID/Passport of guardian/parent and next of kin.
- Copy of Birth certificate/ Notification of birth/ Baptism card of minor.
- Passport size photograph of minor and guardian
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