ABB Bank, which develops versatile products and services tailored to customers’ individual needs, has introduced the “Children’s Savings” deposit.
This is a long-term savings product with a 36-month term and the option of annual interest capitalization, designed to help build savings for a child’s future education, financial security, and other needs.
Terms of the “Children’s Savings” deposit:
- Term: 36 months (with the option to extend);
- Minimum amount: AZN/USD 100;
- Annual interest rate: 8.5% in AZN and 2.5% in USD;
- Interest payment: once every 12 months (interest may be capitalized at the customer’s request);
- Deposit top-ups are permitted: the minimum amount of each top-up is AZN/USD 50, while the maximum total amount of top-ups per month is AZN/USD 25,000;
- Account opening: the deposit may be opened in the child’s name only by a parent or legal guardian;
The deposit term may be extended automatically. One of the key advantages of this savings product is the option to add accrued interest to the principal amount every 12 months, allowing the deposit to generate higher interest income in subsequent years. If the deposit is withdrawn before maturity, interest already paid for previous years is not subject to repayment.
In addition, the deposit balance can be increased regularly through small monthly contributions. Detailed information about the “Children’s Savings” deposit is available here.
Further information about ABB’s modern, practical and versatile products and services is available at the Bank’s branches and service outlets, on its official website at abb-bank.az, through the Information Centre on 937, and on the Bank’s official corporate social media pages.