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About Little Heroes
LB Finance Little Heroes Minor Savings Account is designed to help children begin their savings journey early, with the support of a parent or guardian.
The account offers tiered interest rates calculated on the daily balance. Interest is accrued daily and capitalized at the end of the month, helping the child's savings grow over time.
Minor Savings Accounts are opened together with a guardian, and withdrawals are restricted until the minor account holder reaches the age of maturity.
- Designed for minor account holders.
- Tiered interest rates calculated on daily balance.
- Interest accrued daily and capitalized monthly.
- Minimum balance requirement of Rs. 500.
- No opening fee or maintenance fee.
- Deposit insurance coverage up to Rs. 1,100,000.
- Guardian-supported account opening.
Why Save with LB Finance?
Help children build saving habits early with a guardian-supported account and monthly capitalization of interest.
- Start Saving Early
- Help children build good savings habits from a young age.
- Daily Interest Calculation
- Interest is calculated on the daily balance and capitalized at month end.
- Guardian-Supported Account
- Accounts are opened with a guardian to support the minor account holder.
- No Opening Fee
- Open the account without an opening fee.
- No Maintenance Fee
- Maintain the account without monthly maintenance charges.
- Protected Savings
- Deposits are protected up to Rs. 1,100,000 based on the amount deposited.
Who Can Open This Account?
- Minor account holders below 18 years of age.
- Account must be opened together with a guardian.
- Applicants who can meet the minimum balance requirement of Rs. 500.
- Customers submitting required minor and guardian identification documents.
Legal provision
- Contract Law
- Directions & Circulars of Central Bank
Policies and procedures on dormant accounts and abandoned properties
- Minor Savings accounts status will remain as active, even though withdrawals are restricted
until the minor account holder attains age of maturity.
Documents You'll Need
- Minor's Birth Certificate or valid identification document.
- Guardian's National Identity Card or Passport.
- Proof of current residential address.
- Completed account opening forms.
- Any additional documents requested by LB Finance.
Rates
Sri Lanka Deposit Insurance Scheme (SLDIS) Information: SLDIS's web
For more information, please visit the following link: SLDIS's FAQs
How to Apply in 3 Simple Steps
1
Visit Branch with Guardian
Visit any LB Finance branch with the minor and guardian details
2
Submit Documents
Provide the minor's and guardian's identification documents for verification.
3
Make Initial Deposit & Start Saving
Deposit Rs. 500 or more and start building the child's savings.
Frequently Asked Questions
The minimum balance requirement is Rs. 500.
The account is designed for minors and must be opened with a guardian.
No. Account holders above 18 years of age are not allowed to open Minor Savings Accounts.
Withdrawals from Minor Savings Accounts are restricted until the minor account holder reaches the age of maturity.
No. There is no opening fee and no maintenance fee.
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