Cambodia Investment Review
Chief (Cambodia) Commercial Bank Plc, led by its Chief Executive Officer, Dr. Soeung Morarith, has recently launched its latest product, the Chief Child Account, which aims to provide the best financial plan and lesson that Cambodian parents can provide for their children.
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The Chief Child Account is specially designed for children under the age of 18 and operates as a savings account with no ATM card. The account is available in both Khmer Riel and US Dollar accounts, with a locking period of six months. The interest is calculated on a daily basis and credited to the child’s account on a monthly basis.
Economic advantages of opening an account
To open a Chief Child Account, parents or guardians need to participate, and an initial deposit of $100 is required. The account is under the name of the child, while parents or guardians manage the account.
According to Dr. Soeung Morarith, the Chief Child Account offers significant benefits for both children and parents. He said, “First, we are talking about the economic advantages when they open the account, including the competitive interest rate.”
“At Chief Bank, we provide an interest rate of up to 3.7 percent per year. That’s an economic advantage for them. Second, it works as parents’ investment project for their children, which is secure. When they deposit a certain amount of money, they will give a fixed return after a fixed period. Third, it shows a wise and strong financial planning for their children’s future,” he added.
The good habits of saving young
In addition to the economic advantages, Dr. Soeung Morarith emphasized the importance of teaching children good financial habits. He said, “It is a good way to teach children about the good habit of saving. They can fulfill the future need with this saving while teaching students to know about the role of financial management, a mechanism for a good future. Meanwhile, the Bank can show trust and partnership which make us prosper together.”
Chief Bank is a leading commercial bank in Cambodia that provides exceptional banking services to Cambodian people, including Fixed Deposit Account, Installment Deposit Account, Saving Account, and Current Account, with competitive interest rates and high security.
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For more information on the Chief Child Account, please visit Chief Bank’s website at https://www.chiefbank.com.kh/en/Products/CHIEFChildAccount or call for more information.