Can parent / guardian withdraw the money in a “Senehasa” Minor savings account?

A

Can parent / guardian withdraw the money in a “Senehasa” Minor savings account?

No. However in the following special circumstances withdrawals are allowed.

  • If there is a necessity for the Childs benefit such as education and medical expenses, a written request with proof of documents which satisfies the company will have to be submitted.
  • The balance in a minor’s account may be transferred upon written instructions of the parent / guardian of the minor, for a account maintained in the name of the minor in another bank / financial institution, upon completion of 5 years (sixty months) from the date of the first deposit or any time thereafter. The transfer should be effected by a cheque drawn in favour of the minor and crossed “account payee only”