Kids Savings - NCSL

Kids Savings

Grow your child’s future with a Kids Savings Account

Invest money towards your children’s future by opening a Kids Savings Account. A trust account for anyone under the age of 18 years

Savings can be accessed once a month.
Withdrawn funds are transferred to the Poro account for easy and convenient access by using your Poro Card.
Minimum withdrawal amount of K200.00.
K20.00 minimum fortnightly contribution.
No Monthly account keeping fee is charged.

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Competitive interest rates.
Savings can be used as collateral to apply for loans.
Instant transfer of funds into Poro Account, depending on funds availability.
Free issue of Membership ID card for access to exclusive discounts from selected retail outlets.

Features

It is a trust account for children below 18 years of age.
Can be linked to the trustee’s account and viewed on MyNCSL Member Online.
One-off membership fee applies.
Savings can only be accessed in December and January.
One withdrawal per month is allowed during these 2-month period.
Funds are transferred to the Parent/Guardian’s Poro Account.
Cannot be used as collateral for loan.
Membership fee, deducted upon initial deposit into the account.
Savings interest of 6% per annum (p.a).
K1.00 minimum fortnightly contribution.
No monthly account keeping fee is charged.
Minimum withdrawal amount of K20.00.

Benefits

Future Savings up to 18 years of age.
Helps children become financially responsible.
Teaches children about money management.
Free issue of Kids Membership ID card for access to exclusive discounts from selected retail outlets.

Fees & charges

Refer to Fee List for full details and these are subject to change anytime.

How to Apply

To open a Kids Savings Account:

Parent/Guardian must be an existing member.
Complete a Kids Savings Account Application Form.
Provide a valid ID copy of the child/children’s and or a copy of their birth certificate.
Parent/Guardian must also provide a valid ID copy.
Submit the application online or at any NCSL branch near you, or email it to our Call Centre on
callcentre@ncsl.com.pg