| Making managing money fun for your kids |
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| Disciplined fixed monthly amount transferred from main account (Special Savings Account*) to Kid Savers Account via standing instruction. |
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| The Kid Savers Account has the below benefits and features: |
a) |
No initial deposit |
b) |
No minimum maintenance fee |
c) |
No fall below fee |
d) |
No minimum monthly average balance |
e) |
High Interest rates |
f) |
No ATM card |
g) |
No INB access |
h) |
Any transactions pertaining to the Kid Savers Account can only be performed at branches personally by the adult account holder |
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Tiers |
Total Interest for Kids Saver Account (p.a.) |
0 – 2,999.99 |
0.20% |
3,000 – 9,999.99 |
0.30% |
10,000 – 49,999.99 |
0.45% |
50,000 & Above |
0.60% |
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| Existing customers can continue to use their existing special savings account* and add their kids to enjoy the Kid Savers Account benefits. |
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| New customers have to compulsorily open a new special savings account*. |
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| *All features under Special Savings Account apply. Standard prevailing board rates for Special Savings Account applicable. |
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a) |
Main account in the name of parent/legal guardian of child. Main account holder must be age 21 and above. No minor under age 21 is allowed to operate as main account holder. |
b) |
Child has to be age 15 and below to establish the Kid Savers Account with an adult. |
c) |
Maximum of 1 adult with 1 child per Kid Savers account. Adult has to be father, mother or legal guardian. |
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| Special Saving charges |
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| For Kid Savers Account: |
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Interest rate is calculated on a daily basis & credited to Kid Savers Account at the end of every month. Interest rate is calculated on a simple interest basis. |
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Tiers |
Total Interest for Kids Saver Account (p.a.) |
0 – 2,999.99 |
0.20% |
3,000 – 9,999.99 |
0.30% |
10,000 – 49,999.99 |
0.45% |
50,000 & Above |
0.60% |
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Standing instruction charges as below: |
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Standing Instruction Charges |
Kid Savers Account |
Create new standing instruction |
NIL |
Any change in the existing standing instruction |
SGD 5 |
Failed transaction due to insufficient funds |
SGD 10 |
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Other Charges
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Account Closure Fee: Account closed within 6 months from the opening date |
Kid Savers Account |
SGD 20 |
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a) |
Main Account (as per current requirements for Special Savings Account) |
b) |
Kid Savers Account (additional requirement for child’s Birth Certificate (BC) in English*) |
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*(Where BC is not in English, the BC has to be translated into English and duly attested by The National Embassy) |
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| Documents to be submitted along with the application form (originals to be produced for face to face verification) |
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a) |
Singaporeans / Permanent Residents: |
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- Photocopy of NRIC, both sides (The NRIC should have latest address of the applicant) |
b) |
Non – Singaporeans |
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- Photocopy of Passport and |
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- Photocopy of Employment Pass / Work Permit / Dependant Pass and |
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- Document proof of address (i.e. utility bill, driving license etc.), if not same as in Employment Pass / Work Permit / Dependant Pass |
c) |
Birth certificate of child in English (Where BC is not in English, the BC has to be translated into English and duly attested by The National Embassy) |
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