By Devotha John
Parents should cultivate a culture of saving for future among their children by opening savings accounts for them, a banker has said.
Speaking at the launch of the new Barclays Junior Eagle Account, Barclays Bank Tanzania head of liabilities William Mungai said the account would give children a head start in life.
"It is imperative that children learn discipline and value from an early age? this stems from parental guidance and direction," he said.
Barclays Bank Tanzania Head of Liabilities William Mungai addresses a press conference during the launch of the Barclays Junior Eagle Account in Dar es Salaam yesterday. Right is Barclays Bank Tanzania Retail Director Manoj Anchan.
Mr Mungai said it was equally important in terms of financial discipline for parents to provide an instrument that facilitated the need to have savings for children.
The new account was yet another innovative means to meet this need in Tanzania, he added.
"The account offers quarterly interest rates which will be created into a customer account with an additional bonus if no withdrawals are made within the stipulated period."
The bank's retail director, Mr Manoj Anchan, said the account could be opened with a minimum operating balance of Sh50,000, had no monthly fee and allowed one free withdrawal per quarter.
He said the Barclays Junior Eagle Account was for children under 18 years of age.
Source:thecitizen.co.tz/
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