16 June 2017

Tanzania: CRDB to Raise Interest Rate for Kids Account

CRDB Bank is considering to increase Junior Jumbo Account interest rates from 4.0 per cent to 7.0 per cent to cultivate saving culture among children. The bank revealed the initiative yesterday ahead of the International Day for African Child today.

The Bank Managing Director, Dr Charles Kimei, told reporters yesterday that they believed that opening bank account for children would nurture a saving culture and financial discipline among children.

"CRDB takes seriously the issue of creating a good environment to our children to enable them reach their ambitions while at the same time prepare a strong nation in the future," he said.

CRDB is marking the International Day for African Child under a slogan of Invest in Education with Junior Jumbo". Junior Jumbo (JJ) is special account for children that caters for various kids' obligations including savings for education fees.

The International Day for African Child is marked every June 16 and the CRDB uses this day for raising awareness on "responsible finance" and the success starts by giving children finance and building savings habit knowledge.

"We, Tanzanians, have the culture of teaching our children about different things in life, but many children missed out education about money and savings, which is very important to our children and youths," Dr Kimei said.

World stock investor billionaire, Warren Buffet, once said, "teaching kids sound financial habits at an early age gives all kids the opportunity to be successful when they are adults."

To walk the talk, CRDB for the past two years has been sponsoring "DSE Scholar Challenge" contest aimed at educating students of universities on various investment opportunities.

Junior Jumbo Account is specifically designed for parent or guardian to save for your children's future. Junior Jumbo is an account tailored for children below 18 years of age and it is meant to enable them live to realize their dreams.

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