The Bank of Maldives (BML) has unveiled new interest rates for its Kids’ Saver Accounts, offering 3% for Maldivian Rufiyaa accounts and 3.5% for US Dollar accounts. These updated rates will apply to both newly opened and existing Kids Saver Accounts, including BML Islamic Kids Saver Accounts at their respective rates.
BML’s Deputy CEO and Acting Head of the Bank, Aishath Noordeen, highlighted the motivation behind the changes. "The new interest rates aim to encourage long-term saving for the future while teaching children essential financial skills in saving and spending," she said.
As part of this initiative, BML is also offering a new benefit for parents: a free reloadable Mastercard prepaid card with every new Kids Saver Account. This card can be used for daily expenses, providing a practical way for children to learn how to manage their spending.
BML has also launched a special promotion for Kids Saver Accounts. Five randomly selected winners will each receive a grand prize of MVR 10,000. Additionally, 20 active accounts will be chosen annually, with each selected account receiving a prize of MVR 2,500.
