Citibank pioneers Children's Foreign Currency Savings Account
The Sri Lanka branch of Citibank N A last week announced the launch of its Minors' Savings Account Scheme - Citibank Junior.
In pioneering the Minors' Foreign Currency Savings Scheme, the bank has added a fresh outlook to an existing product, in another innovative offering from the global bank.
The bank, renowned for its financial services leadership, considers this an ideal first step towards creating awareness about the need for a strong foundation for education and savings for children.
The new account can be opened and maintained in any foreign currency designated by the Central Bank, until the age of majority of the minor. These funds can be accessed by the minor only for specific purposes i.e. education, medical expenses, etc, as per the normal banking practices and laws applicable to minors' accounts. The bank said in a statement it feels that this product will be a great advantage to parents who aspire to send their children overseas for education.
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