Pan Asia Bank launches ‘Daskam Children’s Savings Account’

Friday, 18 May 2012 00:17 - - {{hitsCtrl.values.hits}}

Pan Asia Bank, known for its innovative line of banking products, has come up with yet another unique savings account for children called ‘Daskam Children’s Savings Account’ which offers unparalleled benefits to the account holder.

Daskam Children’s Savings Account which aims to provide maximum support to a child when he/she enters adulthood and faces life’s real challenges such as higher education, marriage etc. offers a unique “deposit for a deposit” feature that helps them grow the account balance. Under this feature, for every customer deposit that is made to the account, the bank makes an additional deposit to the value of 10% of the customer deposit.

To make the balance grow even faster, the bank then pays an unbeatable annual interest of 8% (AER 8.33%) on the total balance. The interest is calculated on a daily basis and debited to the account at the end of every month. Parents can enjoy the benefit of receiving additional 10% deposit from the bank for any number of deposits they make, until the child turns the age of 12 years.

For example, if a customer deposits Rs. 100,000 to a Daskam Children’s Savings Account, Pan Asia Bank will make an additional deposit of Rs.10,000 to that account immediately and then commence calculate interest at 8% (AER 8.33%) on the total balance of Rs.110,000.

The main idea behind Daskam Children’s Savings Account is to provide a stable financial foundation for children when they turn 18, instead of offering them short term benefits via a gift scheme that might leave them with a comparatively lower account balance and few gifts that may be of limited use when they grow up.

With the introduction of the new account, Pan Asia Bank has enabled parents to make a responsible choice for their children’s future that would help them face life’s real challenges with confidence and reach their full potential.