Minors account is an account dedicated for the minor children and can be opened by the child’s guardian so the child gets used to saving techniques and passes all future difficulties.
This account can become an investment account later on when it reaches the required level of deposits so the account contributes in establishing a better future for its owner.
Our bank offers the service of opening minors accounts so the publics can open current, saving, deposit accounts in the name of their children to encourage them to save and assists them to plan their future ambitions.
This service is offered to the children who have not reached the legal age, and the account will be under their guardian’s (father, mother, legal guardian) supervision. Essential information about the children will be requested such as: Birth Certificate, Identification documents for the parents and legal documents related to the guardian. All should be in accordance with the following laws:
- The guardian agrees to waive the credit balance in the minor’s account in favor of the minor when he/ she reaches puberty, and also agrees to authorize him/her to sign solely on the account transactions. The guardian agrees to clear the bank’s responsibility according to this authorization as of the date of waiver, and must inform the bank when the minor reaches adulthood age.
- In the case of the minor’s mother wishes to open an account in favor of her son/ daughter then the account must be opened under the name of the mother and in favor of her son/daughter. The account’s name will be as follows ( the mothers name- in favor of her son/ daughter – and then the full name of the son/ daughter name ) . in this case the mother has the right to withdraw from, and deposit into the account. But in the case of opening the account under the name of the minor, then the minor’s mother does not have the right to withdraw from the minor’s account, and only deposits are accepted in favor of the minor’s account.
- In the case of the minor’s father, or his grandfather ( in case of his father’s death ) and they wish to open an account in favor of the minor’s, then the account should be opened under the name of the minor himself under the guardianship of his/ her father or grandfather. The account’s name will be as follows ( the minor’s name – under the guardianship of his/her father’s name –or- grandfather’s name ) . in this case, the father or the grandfather has the right to withdraw from, or deposit into the account.
- If the client wishes to open a minor’s account according to a guardianship verdict issued by specialized court which gives the right to the guardian the full right to deposit and withdraw from the account, then the account will be opened under the minor’s name and under the guardianship of the person given the right of guardianship and the account will be as follows: ( the minor’s name under guardianship of – guardian’s full name ) . in this case, the guardian has the right to withdraw and deposit into the account and according to the guardianship’s verdict issued by the specialized court.
- In all cases previously stated, the minor’s birth certificate should be brought along, as well as an original copy of the guardian’s ID .
For further information about this service, please call : +967-1-538384
Or visit any of our branches scattered over the Republic of Yemen.
documents of the legal guardian.