CAB | Cambodia Asia Bank Plc,

Tuition Fee Deposit Account

Description

Tuition Fee Deposit Account is the type of Flexi Saving Deposit that parents or guardians could deposit the tuition fee to pay for their children's school fee based on the school payment date.
Tuition Fees Deposit Account enables customers to enjoy multiple benefits and worry free about the children’s tuitions.

Benefits
- Gain interest rate up to 5.2%p.a
- Receive cash rebate 0.25% or maximum USD50
- Apply loan up to 80% of total school fee with 10% p.a interest rate.
Requirements
Parents or guardians require to have a CAB Saving account.
Administration Documents
- National ID/ Passport for Guardian
- School registration and tuition fee related document
- Children’s birth certificate (Optional)
Terms and Conditions
1. Tuition Fee Account Product Feature
- Tuition Fee Account is a type of savings account.
- Flexi amount and time deposit
- No minimum balance is required
2. Account Eligibility
- Individual Account
- Joint Account
- Required to have a source account (saving account) with CAB Bank
3. To open a Tuition Fee Account
- In order to open a tuition fee account, parents or guardians are required to have one CAB Saving account as a source account.
- The tuition Fee Account will be opened under the name of the source account.
- For new bank customers, a source account can either be a savings deposit account or an instant account and this account will be required for the crediting of quarterly interest and principal payout.
- Tuition fee accounts can be opened through only digital channels such as, CAB Bank Mobile and IBanking.
- One Tuition fee account is applicable for multiple children under one particular school.
If children study in a different schools, parents or guardians need to open a different tuition fee account.”
4. Access to Funds
- Account can be viewed via alternative banking channels enabled by the bank.
- No passbook, ATM card, and cheque book will be offered for this account
- No partial withdrawal is allowed, as long as the customer wants to close the account.
- Transfer In/Deposit: Any CAB account, own account, local transfer, Bakong transfer from wallet or account, from National Clearing System (NCS) or deposit over the counter direct to tuition fee account.
- Transfer Out/Withdrawal: Only to particular school accounts and to source accounts.
5. Interest Rate: 5.20% p.a
6. Interest Payment Method
- Interest will be accrued daily and liquidated quarterly followed by calendar month, not on account opening date, and credited to the designated source account.
- 4% withholding tax for residents and 14% for non-residents will be shouldered by the account holder and will be deducted from the monthly interest payment. Net interest after tax will be credited to the designated source pay-out account.
7. Close Account/ withdrawal
- Withdrawal can be allowed only 1 condition is a request to transfer to the source account
- No partial withdrawal
- Once parents/guardians requests to transfer funds to a source account meaning the tuition fee account is closed.
- Saving rate will be offered for any accrued interest that is not liquidated when requested to close the tuition fee account.
- For an instant account holder (source account) before the request to transfer funds to the source account, account holders are required to upgrade their source account to a regular account.
- No fee is charged on the closing account.
8. The customer agrees to be bound by the terms and conditions of opening a deposit account as stipulated in the General Terms and Conditions governing the opening and operation of the account.
9. CAB Bank reserves the right to change the terms and conditions contained herein and shall notify the Deposito/s of such changes. The new terms and conditions shall then be binding to the Depositor/s.