Children’s Education Fund (CEF) Account
This fund was designed to allow parents to save for their children’s future educational endeavors. Members of this particular fund may hold up to 250 shares for a minimum term of 6 months. Parents or guardians can open CEF account in the name of their children. Children’s Education Fund account is opened and maintained by an adult, who is legal parent or guardian of a child, who is a minor. This account has been designed to help a child to pay part or full of her/his education expenses when s/he becomes 18 years old or older. Until the child becomes adult and is legally able to have a contract with the bank, the parent or guardian will maintain the account and keep purchasing shares to build a savings for the child. This is a long-term savings account where Instead of paying interest, ICFAL offers Dividend 1% higher than ordinary transaction account up to $20,000. The parent or guardian pay 10% of the membership fee and the child, after becoming an adult pays the rest 90% of the fee as a new ordinary membership account is created for her/him. The Parent or guardian maintains the ownership of this account and may withdraw the fund with notice as per Share Redemption Process guide.
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