Education Savings Account
As a contribution to promote the human resources development capability and the development of Cambodia economy, ACLEDA Bank introduced a new deposit service called Education Savings Account that ACLEDA Bank is responsible for maintaining, administering, and arranging the personal or legal entity's cash for education payments: school fee and/or study material fee of the account holder, family members, relatives, his/her employees, or third parties. The account holder or others third parties can deposit their funds to the account in order to pay for beneficiary's education expenses based on the actual amount found on invoices and conditions made in the terms and conditions of ACLEDA Bank's Education Savings Account.
Advantages
- High secure in maintaining, administering, and arranging for personal, family members, relatives, or third parties education expenses;
- Receiving additional income from interest;
- Confident of sufficient budget and an idea in preparing education expenses plan to be an advantage for personal, family members, relatives, or third parties;
- The account is used with savings passbook;
- Interest rate is higher than Savings Account's;
- Account can be closed upon an agreement of all relevant parties;
- Withdrawal can be made to the purposes and conditions of the account, and pay a service fee set by the bank.
Account Balance
Education Savings Account requires an initial deposit of USD50 or equivalent to other currencies. Every time you make distribution from the account, you must ensure a minimum balance of USD10 or equivalent to other currencies.
Interest Rate
The interest rate for Education Savings Account is equal to interest rate of savings account plus margin rate 2% per annum. The interest is daily accrued and semi-yearly capitalized.
ACLEDA Bank Plc currently provides three kinds of Trust Services:
- Individual Retirement Account
- Health Savings Account
- Education Savings Account
