It falls upon parents to secure the financial well-being of their children, ensuring they have access to education and the comforts of life. While it is part of our culture to provide for our children’s futures, we often overlook the importance of dedicated savings and investment plans tailored for their benefit.
Today, characterised by unprecedented uncertainty in the professional and personal realms, recent global and local events have left a discernible impact on our financial resources.
Nevertheless, our obligation to fund our children’s educational pursuits remains unwavering. Equally crucial is imparting knowledge of financial management, the principles of saving, and the art of identifying promising investment opportunities.
This discussion may take us back to the days of the ‘piggy bank’ or simple clay tills we filled as children, eagerly breaking into for seasonal gifts like birthdays or Christmas. Today, a range of savings options exist that are thoughtfully designed to yield optimal returns and seamlessly integrated into digital banking platforms.
The demands of modern life necessitate that children begin managing funds at an earlier age; they do this when they order food or purchase tickets online using debit or credit cards. Consequently, instilling the value of budgeting is of paramount importance, helping them understand the limits of affordability from an early age.
Benefits
Children’s savings schemes are crafted to add value and provide parents with an extra incentive to invest in their children’s future. While financial planning and investments come in various forms, specific preparations for a child’s education, wedding, or future home may not always be at the forefront of a parent’s mind.
These savings accounts serve as a buffer against life’s inevitable highs and lows, ensuring that the evolving needs of growing children are met.
Savings accounts such as the NDB Shilpa Children’s Savings Account are designed to accumulate rewards, including additional interest, educational and play-related gifts, and other benefits.
Consider the possibility of gifting a bank account in a child’s name at birth, allowing well-wishers to contribute to its growth. This not only benefits the new parents but also sets the child on a path to a secure financial future.
The NDB Shilpa Children’s Savings account also offers additional bonus interest for fixed monthly deposits, recognising your commitment to save.
For lump-sum deposits, a gift scheme is available, incrementally matched to the deposit value. Furthermore, an insurance cover is available covering the hospitalisation of the accountholder and a life insurance policy for the parent or guardian.
As an incentive for regular saving, the parent or guardian can place a standing instruction from their account free of charge to the NDB Shilpa Children’s Savings Account. Additionally, high-performing students achieving significant milestones at scholarship exams and O’ levels, are rewarded with specific cash gifts, recognizing their achievements.
Exploring savings plans
While savings accounts provide a foundation, savings plans offer a strategic approach to securing your child’s financial future.
With savings plans, you set clear financial goals for your child and collaborate with a financial planner or advisor to determine the most effective path to achieving them. This could encompass various investment options, insurance coverage, or long-term fixed deposits.
As we consider the evolving needs of today’s young adults, a generation characterised by constant change and digital fluency, accessibility and rewards are paramount. This is where the digitally integrated NDB ZEE youth bank account comes into play. Accessible via the user-friendly app, NDB NEOS, it empowers young individuals to navigate the realms of spending, saving, budgeting, and gaining financial independence.
Seasonal delights
Children’s accounts are designed with the child’s well-being in mind, which is why promotions and rewards are strategically timed to coincide with special occasions.
Whether it’s birthdays, New Year celebrations, or the natural milestones of academic achievement that children encounter as they grow, these accounts offer not just financial security but also the motivation that parents and children cherish.
