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[ Print Version ]
 Amigos - Banking for Youth has never been so exciting!
 
Description
 

Give your child a head start in life. Saving for a child’s future is something which is never too early.SBM Amigos is much more than a simple account. It is also the first step in developing your child’s financial literacy. When you teach your kids about managing money, and how to save, you’re helping them develop good financial habits that can last a lifetime.

 
 Features
 
  • Minimum opening balance: Rs 1,000 or Rs 100 if account is opened with a minimum standing order of Rs 250
  • Minimum Interest earning balance: Rs 3,000
  • Interest is payable half-yearly
  • Parents can set up free standing order ( saving regularly is the easy way to grow your child’s savings)
  • Quarterly statements sent each 3 months to keep track of savings
  • Debit Card [12 years & above]
  • TopUp your phone through SBM TopUp - Anytime , Anywhere, Anyone
  • Mobile Banking - Banking at your Fingertips
  • Internet Banking - View your balance
  • Discount on processing fee on SBM Achiever, our Educational Loan
  • The SBM Amigos account is automatically converted into a regular SBM Savings Account once your child turns 18.
 
 Benefits
 
  • Interest earned on balance above Rs 3,000
  • Interest payment is made on a half yearly basis
  • Set up regular payments into the Amigos account through free standing order.
  • Helps in better management of funds
  • Free internet banking (view only)
  • Bank statements sent each 3 months so as to enable accountholder to keep track of savings
 
 Eligibility Criteria
 
  • Open to clients aged between 0-17
  • Minimum opening balance of Rs 1,000 or Rs 100 if account is opened with a minimum standing order of Rs 250
 
 Documents Required
 
  • Birth certificate of the minor
  • National Identity Card of parent/administrator /guardian
  • Latest utility bill (CEB, CWA, or MT bill) of parent/administrator /guardian
 
 FAQs
 
  •  How do I open an account?

The account can be opened by the minor child's father or mother who will act as legal guardian.

  • How often are statements sent to customers?

    • Statements of account will be mailed to each account holder every quarter.

    • Additionally the account holder may retrieve mini-statements from any of the Bank's ATM.

    • Balance enquiry can be made at any ATM or through internet banking

 
   
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