Kathmandu: Lumbini Bikas Bank Limited has introduced ‘Bal Surakshya Bachat’, a specialized savings deposit product designed for minors to help parents and guardians build long-term financial security for their children.
The savings scheme encourages families to start saving early for future educational expenses and other important financial milestones. By setting aside funds from an early age, parents can create a dedicated financial pool to manage rising higher education costs and other long-term expenses.
Special Savings Account for Children Below 18
The Bal Surakshya Bachat account is structured as an individual personal savings account opened specifically in the name of children below 18 years of age.
Parents or legal guardians are responsible for operating and managing the account on behalf of the minor until the child reaches adulthood.
The product aims to encourage disciplined saving habits among families and introduce children to the importance of financial planning from an early age.
Building a Dedicated Education Fund
One of the primary benefits of the Bal Surakshya Bachat scheme is the opportunity to build a dedicated long-term financial reserve for children’s educational needs.
The savings accumulated through the account can help families prepare for higher education expenses and other significant financial requirements as children grow older.
Account holders can also request account statements free of charge whenever needed. This facility enables parents and guardians to monitor account transactions, track savings growth, and review their financial progress.
The scheme also provides an alternative to short-term and potentially volatile savings options by supporting a more structured approach to long-term financial planning.
Eligibility and Account Management
The Bal Surakshya Bachat account is available for children below 18 years of age and must be opened in the child’s name. Parents or legally authorized guardians manage the account on behalf of the minor until the child reaches adulthood.
This arrangement allows families to save for their children’s future while ensuring that the account is managed by a responsible adult during the child’s minority.
Documents Required to Open the Account
Parents or guardians interested in opening a Bal Surakshya Bachat account must submit the required identification and supporting documents.
The essential documents include:
- The child’s birth certificate.
- A government-issued citizenship certificate or passport of the parent or legal guardian.
- Recent passport-sized photographs of both the child and the parent or guardian.
- The official signature of the parent or legal guardian.
These documents are required to establish the identity of the minor and the authorized adult responsible for managing the account.
Supporting Financial Planning and Banking Growth
Lumbini Bikas Bank’s Bal Surakshya Bachat scheme is designed to support long-term financial planning among families while encouraging a culture of regular savings.
The product also aligns with the bank’s broader objectives of expanding retail savings deposits, strengthening its overall deposit portfolio, and reducing institutional reliance on volatile corporate and call deposit funds.
By providing a structured mechanism for accumulating savings, the scheme aims to help parents prepare for future academic expenses and other important milestones in their children’s lives.
Bal Surakshya Bachat offers families across Nepal an opportunity to begin financial planning early and gradually build a dedicated fund for their children’s future needs.
