Young Savers Account

Overview

To revamp the existing minor account and to attract more young savers of the kingdom, we revamp product of minor account as young savers account.

Eligibility

  • Young savers account are opened on behalf of minors under the guardianship of natural/court appointed guardians.
  • Parents may also open a joint account with their minor child/children.

Difference

Existing Revamped
Name of the Product – Minor Account Name of the product-Young savers Account
Features: Features:
  • Service charge applicable
  • Passbook charged
  • Service charges are not applicable
  • Birthday greetings on their birthdays(system)
  • ATM card for 15 years and above
  • Free passbook even for replacement or loss of passbook
  • FD-Multi option Deposit(MOD)

Required Documents:

Eligibity Documents Required
  • Young Savers Account
  • A Citizenship Identity Card photocopy (parents/guardian)
  • A copy of Health card of the minor
  • Two passport sized photographs of parents/guardian
  • Legal stamp
  • Guardian’s declaration form to be filled which is available at the BoBL branch offices.

DORMANT ACCOUNT

Savings Deposit Accounts are treated as dormant in case there is no operations i.e. debit or credit entry for 1 Year or more. Manual deposit will have to be made in order to activate the account.

ACCOUNT CLOSING

A depositor wishing to close his account can do so by surrendering the passbook and unused cheque leaves along with a written application to the Bank.
For further information, please contact our nearest branch.

  • Call us on: 1095
  • Write to us at: [email protected]
  • Request Callback:+975