HFC Bank launches ‘First Saver Account’

HFC Bank launched its ‘First Saver Account’ yesterday. The bank’s general manager retail banking Tony Ram said they are proud to be at the forefront of the Government’s family-centred initiatives outline in 2018/2019 National Budget. “We are empowering and supporting mothers,” Mr Ram said.

The ‘First Saver Account’ is part of the Government’s health care initiative for newborn babies to encourage early childhood savings.

He said through their product it will ensure a more sustainable financial future for generations to come.

“The parenthood assistance allowance will be given irrespective of the number of newborn babies per couple,” Mr Ram said. “The newborn baby should be registered under the Births, Deaths and Marriages (BDM) office. “A new bank account will be opened in the newborn baby’s name while the mother will act as a trustee.”

He said that this is a lucrative product which can accumulate interest and they will accept extra deposits into the ‘First Saver Account’.

“We will link accounts if you are banking with HFC. What that would mean is if you have an account with us and when a ‘First Saver Account’ is opened we will link accounts,” Mr Ram said. “There will be no fees on the account until they enrol the child in Year one,” Mr Rakesh said.

HFC Bank’s chief executive officer Rakesh Ram said the bank will pay a savings interest of 2.5 per cent per annum.

Photo: Simione Haravanua From left: HFC Bank’s Shaneel Prasad, HFC Bank manager projects- banking Grace Baleinakorodawa, HFC Bank general manager retail banking Tony Ram, HFC Bank’s Sheron Chand and Ashmeeta Sharma during the launch of the ‘First Saver Account’ on August 2,...