Big savings begin with small accounts

Barraem is a very special account that was designed exclusively for children in order to secure their future through monthly contributions made by their parents or guardians.

This account was created for children aged one day to 17 years, and aims to encourage all clients to save part of their monthly salary to secure the future of their children, while Bank of Palestine provides an annual return based on the savings amount and duration of the savings.

Features and Terms of the Account:

  • Children aged one day to 17 years will benefit from this program.
  • This program is based on the distribution of annual returns.
  • Annual returns on the program’s savings account will be distributed in accordance with the following table:

Duration in Years

1

2

3

4

5

6

7

8

9

10

Return

 

1%

3%

5%

6%

9%

16%

19%

23%

26%

30%

 

  • The minimum monthly deposit is $10 and maximum is $500.
  • The first down-payment can be made upon opening the account and for one time for a maximum amount of $10,000, and this amount is subject to the annual return in accordance with the duration of the savings.
  • If one of the clients wishes to withdraw from the program prior to the lapse of one year for example, they may do so and retain the sum that was deposited but lose the value of return. If the client wishes to withdraw after one and a half years for example, he/she may do so while only obtaining the return on the first year in the first balance.
  • It is possible to decrease the value of the agreed-upon monthly deposit for one year. If clients wish to increase monthly deposits, they can only do so by the end of the year and take the return, with the possibility of re-applying for the program with the monthly deposit amount they choose.
  • Clients will enjoy a three-month grace period (i.e. non-transference of monthly deposits). In case the grace period has passed, clients will be required to late premiums in the form of one installment.
  • One of the benefits of this program is that Bank of Palestine guarantees to pay the value of the monthly installment or the value of the payment agreed-upon for up to 10 years on behalf of the child’s parent or guardian if they pass away.
  • Mothers are able to open savings accounts for their children.
  • Upon opening an account, children will immediately obtain valuable presents such as piggy banks, stories, and tickets to attend the Fozy Mosi, Tuti and Mandalina show that is sponsored by Bank of Palestine.
  • Bank of Palestine will send text messages to remind parents or guardians about the due monthly deposits for the Barraem program, and account balances may be checked from the Banki phone application.