It's never too early to open an account for your child, and you can do this even for a newborn. These are modern times, gone are the times when a child gets to open a bank account when he/she is a grown-up.
As a modern parent, you have to make smart investments for your child(ren) while young. You could buy shares, bonds or open a savings account for them. One of the best children's savings accounts is the CRDB Junior Jumbo Account.
Have a goal in mind, let's say school fees or it could be a sinking fund for your child's expenses, then think of a figure so that you can easily calculate what amount you should save each month or week. After figuring out all that go open that account and save for the future of your children.
Here is how you can open a CRDB Junior Jumbo Account
1. Your child should be below 18 years
2. Make sure you have the original Birth Certificate of your child
3. You should have 2 passport size photos of your child, and 2 of yours (parent/guardian)
4. Parent/Guardian valid ID (NIDA ID, Voters ID, Passport, Driver’s license, Zanzibar ID)
4. Visit any CRDB Branch close to you
5. You will be given several forms to fill out, and the bank officer will take a copy of the birth certificate
6. The account will be opened and the Bank Officer will share the Account Number in a few days
You can also read :
Top 9 Tanzanian Banks Offering the Best Children-Saving Accounts
What you need to know about the CRDB Junior Jumbo Account
1. You won't be given a bank card for this specific account
2. You cannot access this account via SIM Banking
3. You are only limited to 4 withdrawals per year
4. Once the child reaches 18 years Customer (Parent/Guardian) can request for the account to be transferred to the child as a CRDB Scholar account or any other account the customer chooses. From this point onwards, the child will be in charge of the account.
Benefits of CRDB Junior Jumbo Account
1. No monthly maintenance fees
2. Earns interest on deposits (the specific rate has not been disclosed)
3. You can set standing instructions for the account
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