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Education Savings

Savings account specific for education related expenses.

Savings account specific for education related expenses. Upon withdrawal request, the funds in this account are directly deposited to nominated school, institution or supplier accounts.

Features
Benefits
Fees & Rates
How to Apply
FAQs
  • 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  • Withdrawn funds are transferred to the Poro account for easy and convenient access by using your Poro Card.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
  • Savings can be accessed anytime for your child’s school fees or educational expenses. 
  • Funds can be transferred to the school or the supplier’s account using MyNCSL Member Online.
  • Multiple withdrawal per month is allowed and is subject to availability of savings.
  • K20.00 minimum fortnightly contribution.
  • Minimum withdrawal amount of K20.00.
  • No Monthly account keeping fee is charged. 
Benefits
  • Save in advance for school related expenses.
  • Competitive interest rate.  
  • Savings can be accessed anytime for your child’s school fees or educational expenses.
  • Can be used as a collateral to apply for loans.
Fees & charges

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

How to Apply

  • To open an Education Savings Account:

    • You must be an existing NCSL Member.  
    • You can open an Education Savings account using MyNCSL Member Online.
    • Must complete a salary deduction authorization form to nominate Education savings account. For first time members, complete a Member Application Form and nominate Education savings as your optional account. 
    • Must provide two (1) form of valid ID.   
    • Submit application at any NCSL branch near you, or email it to our Call Centre on
      callcentre@ncsl.com.pg
Frequently asked Questions
  • What is an Education Savings account?
    It is a special purpose Savings account specific for education related expenses. Upon withdrawal request, the funds in this account are directly deposited to nominated school, institution, or supplier accounts.
  • What is the account opening fee?
    The fee to open a new Education Savings account is K20.00.
  • When can I access Education Savings account?
    You can access Education Savings account anytime.
  • Do I earn an interest on Education Savings?
    Yes, refer to Fee List for full details and these are subject to change anytime.
  • How do I open an Education Savings account?
    To open an Education Savings account you will be required to complete the new Membership Applications form and submit it at any NCSL branches with a copy of your valid identification or use MyNCSL Member Online. You can email your applications to NCSL Call Centre Team on callcentre@ncsl.com.pg
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