HFC Bank is proud to be at the forefront of Government’s initiative to empower and support our mothers in an effort to ensure a more sustainable financial future for generations to come!
The Bank introduced its First Saver Account as part of Government’s healthcare initiative in the 2018 – 2019 budget for newborn babies, born on or after 1st August 2018, to encourage early childhood savings.
The Chief Executive Officer, Mr Rakesh Ram said HFC Bank will pay a high savings interest of 2.5% per annum. Mr Ram added that there will be no fees on the account until the child is enrolled in Year 1.
After each childbirth, mothers from families with joint household income of $30,000 per year or less will be given $1,000. $500 will be available immediately and $500 can be accessed only when the child enters Year 1 of primary school.
The parenthood assistance allowance will be given irrespective of the number of newborn babies, said Mr Ram. The newborn baby should be registered under the Births, Deaths and Marriages (BDM) office. A new bank account will be opened in the newborn baby’s name whilst the mother will act as a trustee.
The procedures to open an account is as follows: