Baku:ABB Bank A new savings product, 'Children's Savings,' has been launched by ABB Bank to cater to the long-term financial planning needs of parents for their children's future. This product offers a 36-month term with an option for annual interest capitalization, aiming to support savings for education and financial security.

According to Azerbaijan State News Agency, the 'Children's Savings' deposit requires a minimum deposit of AZN/USD 100, offering an annual interest rate of 8.5% for deposits in AZN and 2.5% in USD. Interest is paid annually and can be capitalized upon request. Parents or legal guardians are the only individuals permitted to open a deposit account in the child's name.

The deposit allows for monthly top-ups, with each contribution starting at a minimum of AZN/USD 50 and a maximum of AZN/USD 25,000 per month. Automatic extension of the deposit term is available, and accrued interest can be added to the principal every year, enhancing future interest earnings. If the deposit is withdrawn prematurely, interest already paid is not required to be returned.

ABB Bank provides further information about this product and other services at its branches, on its website abb-bank.az, and through its Information Centre and social media pages.