The children’s saving deposit “Dreams” offered by CIBANK EAD presents an opportunity for everyone wishing to make a deposit in favor of his/her children or grand children under the age of 18. The deposit may be opened both by the child's parents, or by a third party, in any office of the Bank. For this purpose, the depositor should only present his/her identity card and give the full name, current address and Personal No /EGN/ of the child.
Upon opening the deposit the Bank issues a savings book with the name of the holder.
Currency:
- leva (BGN)
- euro (EUR)
- US dollars (USD)
Minimum amount for opening:
- 100 BGN
- 50 EUR
- 50 USD
Term:
- Until the holder becomes 18 years of age. After he/she has come of age, the children’s deposit is transformed into a demand deposit.
Interest accrual and payment:
The bank accrues interest on the amounts of the children’s deposit only once, on the last business day of each calendar year, calculating the interest on the basis of 360/360 days.
Upon annual interest accrual and lack of requests for operations during the year, the Bank shall further calculate bonuses in the form of interest margins, increasing progressively in line with the period in which the amounts have stayed on deposit. The interest accrued and the further calculated bonuses, if any, are only paid upon closing the deposit.
Depositing additional amounts:
This is allowed without limitations for the whole period of the deposit, and it doesn’t affect the agreed conditions.
Withdrawal:
This is allowed without limitations and in line with the relevant legislation, related to disposing of deposits of minors /underaged:
- In case of a minor holder (up to 14 years of age) – by his/her legal representatives with approoval by the regional court (at the place of residence)
- In case of an underaged holder (from 14 to 18 years of age) – by the holder with a written permission by one of the parents and upon approval by the regional court (at the place of residence)
- In case of underaged holder (who has reached 16 years of age), but who has already got married – by the account holder.
In case of withdrawal of amounts from the deposit, the Banks does not accrue the necessary bonus, applicable for the respective year in which the amounts are withdrawn. For the one-year period, in which the amounts were withdrawn, the Bank shall accrue the basic interest rate on the deposited amount, according to the time the funds stayed in the bank.
Client’s deposits in BGN and in foreign currency in CIBANK EAD regardless of their number and amount of the funds, are guaranteed by the Bulgarian Deposit Insurance Fund for amounts of up to BGN 196 000 in accordance with the Law on Bank Deposit Guarantee.
