A children’s deposit agreement can be signed on behalf of a child under 18 (a child can be just born or a teenager). The maturity date for a children’s deposit is the day when a child on whose behalf the account is opened turns 18 plus 30 days.
The initial amount for a children’s deposit is not less than LTL 100, or equivalent in EUR or USD.
A children’s deposit account can be credited only by a depositor in cash or via money transfer. The minimal amount of a supplementary contribution is LTL 50, or equivalent in EUR or USD.
A depositor has the disposition of the money in a children’s deposit account until a child turns 18.
A person on whose behalf a children’s deposit account is opened, acquires the right to announce his will to the Bank to use his/ her rights as a depositor when he/ she turns 18. If the person does not announce his/ her will to the Bank to use his/ her right as a depositor after the maturity, account funds are further managed by a depositor.
A children’s deposit cannot be withdrawn in portions. Upon maturity, the entire deposit amount is withdrawn together with the interest calculated during the entire deposit period.
Interest rate can be revised once a year in January. In case interest rate is changed, starting with February 1 of the same year the new interest rate is set for all children’s deposits, irrespective of the day when the agreement was signed. Information on the changes in children’s deposit interest rates is provided in press and in the Bank.
Children’s deposit interest (Valid from 01 02 2010)
| In LTL | In EUR | In USD |
| 4.10 % | 0.90 % | 0.55 % |
In case when the Bank reduces children’s deposit interest rate and a depositor does not agree with the reduced interest rate, a depositor has the right to withdraw the entire amount of the children’s deposit together with the interest calculated in 10 calendar days (until February 10), although the maturity indicated in the agreement has not yet expired. All interest calculated according to the agreement until the day of the deposit withdrawal is paid out. If a depositor withdraws a children’s deposit after the expiry of a 10 calendar day period, interest is not paid for the actual maturity of a deposit.