Your Chid’s Secured Future – Future Millionaire Savings
National Brand Product
Don’t wait to create savings by opening Future Millionaire Savings Account for your beloved children.
On the occasion of Mother’s and Children’s Day, we invite you to participate in the lottery campaign “For Mongolia with Savings” and receive presents by just opening a Future Millionaire time deposit account for your beloved little ones.
If you deposit funds shown in the table below in your child’s savings account every month from the date of your child’s birth, then by the age of 18 the balance of the Future Millionaire savings account will be as shown below (Savings annual interest rate is 14.4%):
| Monthly Deposits | MNT 5,000 | MNT 10,000 | MNT 20,000 |
|---|---|---|---|
| By Age 18 | 5,102,775 | 10,166,094 | 20,292,733 |
| From this your deposits | 1,083,000 | 2,163,000 | 4,323,000 |
| Bank interests | 4,019,775 | 8,003,094 | 15,969,733 |
XacBank Future Millionaire Savings have many advantages. For example:
- Competitive high interest rates will be paid at the beginning of each month;
- Compound interest will be calculated for savings accounts, i.e. interest will be paid on interest earned;
- MNT 3,000 in savings will be presented to each newborn child (accounts to be opened at age 0-6 months);
- Birthday present for every child up to 5 years old who owns savings account;
- The account should be held until the child is 18 years old. In case of early withdrawal before the child reaches 18 years old, due to sudden or unexpected financial need, the last year of interest will be retained by the bank, but all prior years of accumulated interest will be paid;
- A Visa card will be presented for free by the bank to the owners of the Future Millionaire accounts when the owner reaches 18 years old and becomes eligible for using a card;
- Eligibility for participating in the campaign for Future Millionaire Savings account holders organized every year;
- Every child has a right to open a Future Millionaire savings account;
- Grandparents may also make deposits into their grandchildren’s accounts on behalf of the parents.
If you find difficulties in depositing funds into your children’s account every month, then you can use our subscription services. Subscription service is one of the many types of services that can help you to have savings. Subscription service is the transfer of funds into a specified amount executed automatically on a specified day each month. The funds can be transferred from your account to any other account, including savings, current or card account according to the contract made with the bank. You will be able to execute inter-bank transactions using our subscription services.
You can apply for subscription services at any branch of XacBank. Subscription services fees are:
- Concluding a contract Free
- For each transaction MNT 100
You can not only create savings for your children but also from today you can start saving a certain percentage of your income for yourself as well.
Let’s take an example to see how a savings account opened today with MNT 100,000 will generate more income by making deposits every month using subscription services:
- Your salary is MNT 600 000;
- If you save 10% or MNT60,000 every month using the subscription service;
- If annual interest rate is 14.3%;
| MNT | After 1 year | After 3 years | After 5 years |
|---|---|---|---|
| Your increased income | ₮820,000 | ₮2,260,000 | ₮3,700,000 |
| Interest paid by the bank | ₮64,391 | ₮570,936 | ₮1,717,589 |
| Total Income | ₮884,391 | ₮2,830,936 | ₮5,417,589 |
| Subscription Expenses fee | ₮1,200 | ₮3,600 | ₮6,000 |
