Minor Savings

Childen’s Savings

The MuthuSina Childen’s Savings account gives your child the opportunity to learn about saving.

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MuthuSina

The MuthuSina Childens Savings account gives your child the opportunity to learn about saving.

Features and Benefits

  • Attractive interest rate
  • Stability and being a state owned bank
  • Attractive gift scheme
  • Rewards on educational achievements
  • A minor savings account holder may be eligible for loan facilities once he/she becomes a major, at the interest rate that is 1% lower than the prevailing rate of the particular product (Conditions apply)
  • A special donation will be granted from the Bank to the account holder, if the child suffers any illnesses as listed in the product (Conditions apply)

Eligibility

  • The account can be opened for children below the age of 18 by a parent or guardian (Sri Lankan citizen) over the age of 18.
  • Minimum initial deposit of Rs.250
    ** The accounts should be opened for children on or before they reach 13 years to be eligible for the gift scheme

Documents required

  • A duly completed application form.
  • Birth Certificate / Passport of the child.
  • National Identity Card /Passport /Driving License or acceptable ID of parent / guardian / benefactor.
  • Copy of a recent utility bill/bank statement to establish residence address.
Rewards for the Deposit Scheme
Initial Deposit (Rs.) Gift Scheme
500 SMIB Branded Pen
2500 SMIB Branded Pencil Box
7,500 SMIB Branded Water Bottle
15,000 SMIB Branded Badminton Set
25,000 SMIB Branded School Bag
50,000 Smart Watch
100,000 Gift Voucher for a Bicycle
  • Automatic conversion of the Minor savings to a Savings Account soon after the child reaches 18 years.
Special Rewards Scheme

Following gifts will be allocated to the deposit scheme for the incremental deposit made to the account or increase in the savings balance from the stated amount.

  • SUCCESS AT “YEAR 5 SCHOLARSHIP
    A scholarship of Rs. 500/- per month will be created to the account of the best student in each district or the next 6 years. A minimum balance of Rs. 12,500.00 has to be maintained for the preceding two years in order to be eligible for the scholarship.
  • SUCCESS AT “O” LEVEL.
    A bonus of Rs. 5,000.00 will be credited to the account of the best student in each district. To entitle for this a minimum balance of Rs. 50.000.00 to be maintained in the account during preceding two years.
  • SUCCESS AT “A” LEVEL.
    A Bonus of Rs. 10,000.00 will be credited to the account of best student in each district provided that a minimum balance of Rs. 100,000.00 has been maintained during the preceding two years.

Conditions apply

For more information visit our nearest SMIB Branch or Contact Us via our Call Centre on 1922

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