UBL First is a savings account opened on behalf of a child in the name of the father or court appointed guardian and the minor.
UBL First this account designed especially for children and aims at becoming every child’s first bank account, helping inculcate a savings habit in them. It is tailored to meet a child’s future financial needs in a planned and convenient manner.
Special features of this Accounts: Every account holder will be entitled to a welcome pack.Two VISA ATM Debit Cards are provided; one is a specially designed UBL First Pocket-Money Card (complimentary) for the withdrawal of profit from the linked account and the other is a standard UBL Wallet VISA Debit Card (optional) to withdraw money from the principal account. Account opening anniversary and birthday wishes and surprises. Free E-statements are issued at a frequency of your choice. The account holder is entitled to value added services that include Internet Banking facility.Free Accidental Death & Disability Insurance coverage upto Rs.2.5 million (conditions apply) will be provided to father/court-appointed guardian.There is no minimum balance penalty levied on this account.
How does the Free Accidental Death and Disability Insurance Cover work?
The father/court-appointed guardian will receive a Certificate of Insurance in the welcome pack. The Minor will be the ultimate beneficiary incase of death or permanent disability to the father or court appointed guardian. Information relating to the next of kin in the account opening form shall also be construed as information regarding the individual who will step in the role of the guardianship in the case of the above given eventuality.
Rules of the Account:
UBL First Account can be opened for any child aged between one day and 18 years.UBL First Account can be opened with a minimum amount of PKR 100/-. There is no limit on the maximum amount of investment.The cheque book (for principal account) and the Pocket-Money Card will be issued jointly in the name of the minor and the father/court-appointed guardian..The UBL First Pocket-Money Card can be used to access the monthly profit in cash from any ATM machine or be used for shopping at retail outlets. The facility of online use of Debit Cards will be available once registration procedures have been duly completed.Monthly profit paid as pocket money which is disbursed into the linked account.Detailed Terms & Conditions can be viewed in the account opening form.