HFC launches new account to facilitate newborn baby grant
August 2, 2018 1:04 am
The HFC Bank today launched its first saver account as part of Government’s new initiative announced in the 2018-2019 national budget.
Under this initiative, newborn babies born on or after August 1st will get $1000 grant from Government under the Parenthood Assistance Payment.
While launching the bank’s saver account General Manager Retail Banking Tony Ram says the newborn baby should be registered under the Births, Deaths and Marriages (BDM) office.
“This first saver account offers a very high interest rate of 2.5%, so it becomes a first savings account for the child, it earns a lucrative interest rate and also it has no fees.”
Under the requirements for the Parenthood Assistance Payment, a new bank account will be opened in the new born baby’s name whilst the mother will act as a trustee.
To open the account, the Births, Deaths and Marriages office will issue a birth certificate and TIN to the child.
A signed application for, including the mother’s chosen bank will be verified by the BDM.
The mother is then required to submit the letter of approval with necessary documents like TIN’s, birth certificate and photo ID with residential address to the bank to open the newborn’s account.