Savings for Education (Une-jai-wai-rian)

Objective

     To encourage good saving habits in children and to provide saving facility for students.

Principle      Mudarabah
Deposit type       Based on Mudarabah principle.  Profit payable is expected at month-end.
Deposit conditions    - Minimum opening deposit of 1 Baht. No limit on deposit times and deposit amount after the initial deposit. 
   - A passbook will be issued to an account holder.
Withdrawal conditions    - The account holder can withdraw the deposit at all operating branches.
   - ATM card will be issued only to the account holder aged over 20.  ATM fee will be waived in the first year.
Profit      Profit calculation will be based a rate previously agreed upon by the Bank and the account holder. Profit payable is expected at month-end. 
    Profit less than 20,000 Baht per year will be tax-free.For profit exceeding 20,000 Baht per year, a 15 percent tax will be charged.
Applicant qualifications     Individual persons.
    For children aged under 7, the account will be opened under the guardian’s name.
    For children aged over 7 but less than 15,the account will be opened under their name with a written consent document from the guardian.
    To open a new account, the depositor must not be over the age of 20.
    For individuals aged 15 and over (with national ID card presented), no written consent document from the guardian is required.
Other terms and conditions     No maturity.A dormant account will remain in “active” status. If the account has zero balance continuously for a year, it will be closed.
Required document   -  Birth certificate. 
  -  A copy of census registration showing minor’s ID number.  
  - Guardian’s national ID card or guardian’s Government Officer ID card or guardian’s State Enterprise
    Personal ID card or guardian’s passport issued by the Ministry of Foreign Affairs.
  - For foreigners, use guardian’s passport and guardian’s work permit issued by Thai government agency or visa of the guardian and minor aged over 3 months.
  - For foreign students, use a reference letter issued by school or educational institution. 
  - For novices,use a birth certificate and a copy of census registration showing novice’s ID number.
  - For students aged 7 and over
    - A copy of census registration showing the student’s national ID number.
    - A copy of birth certificate (or national ID for students aged 15 and over).