Alwan Children's Saving Scheme
Alwan Children's Saving Scheme is designed to encourage your children to enjoy saving, so kickstart those good financial habits with a regular savings plan that earns interest.
Features and Benefits
- Continue to invest into the Alwan Savings Scheme until your 18th birthday
- A minimum balance of AED 500 is required to open an alwan account, and there is no maximum on the amount which can be deposited.
- Easy to convert to a standard savings account or a Fixed Deposit Account once you're 18
- 5 withdrawals of up to AED 10,000 each every year free of charge
- Minimum regular monthly contribution of AED 200
Children of both UAE Nationals and expatriates with a valid residency visa.
If you'd like to open an account, the following documents are required:
- Copy of the child's passport, Emirates ID and residency visa for expats
- Copy of the Family Registration Book for UAE Nationals
- Copy of father or guardian's passport, Emirates ID and residency visa for expats
- To obtain an Indemnity Letter from the Parent or Guardian
- Two recent passport-sized photos of the applicant (child)
Terms and Conditions for Individuals and Sole Proprietor Establishments
Al Kanz Deposit
Unique monthly investment scheme. Save as little as 200AED monthly and earn great returns.
Choose when you want your funds to mature and enjoy a preferential interest rate