Raising cash for school fees when school re-opens is mostly a difficult task even if it is the first time a child is attending school. It is for this reason that IML has designed a product to help parents put aside savings to help in taking care of the future of their wards. The product is open in trust for (ITF) the child who should be a minor (below 18 years). The parent(s) is required to put aside money as a form of savings for the ward’s future needs especially that of his/her school needs. Standing Order requests can be placed on InnoSavings Account and Innovest Account to feed into InnoKid Account. The main target market would be parents and guardians who have kids below 18 years (biological or adopted). These parents can be gotten to through schools, churches, mosques, offices, market places, and any other public gatherings.
- This product gives your child a head-start in life
- The minimum opening balance is GH¢ 50.00
- Very attractive interest rate
- Interest is calculated daily and paid monthly
- The first withdrawal should be 3 months after savings
- Up to four (4) withdrawals per year
- No processing/ application fee attached to the loan facility
- Access to loans
- Interest on the loan will be 1% below commercial rate.
- Account maintenance (per month) GH¢ 2.00
- Counter cheque GH¢ 1.00
- SMS charges per message GH¢ 0.30
- Safe custody of your money
- Building a substantial bulk deposit for the child’s future
- Have the opportunity to have the ward’s school fees paid against the amount
- saved for a period of three (3) months at a very low-interest rate.
- Help the child to develop a saving habit.
- Valid ID Card of parent or guardian
- 2 passport pictures each of the child and of the parent or guardian
- Utility bill (should not be more than 3 months) / tenancy agreement
- Proof of date of birth of the child
- Resident permit (for foreign nationals)