Bank of Maldives (BML) has announced positive changes to its Kids’ Saver accounts.

In a statement issued on Sunday, the country’s national bank revealed that the changes announced ensure an increase in rate to three percent profit on Maldivian Rufiyaa accounts and 3.5 percent profit on U.S. dollar accounts.

Further, the bank announced a new promotion to offer fantastic prizes for both existing and new kids’ saver accounts.

This includes a grand prize for five lucky winners, promising MVR 10,000 each and annual rewards of MVR 2,500 for 20 active accounts.

Aishath Noordeen, the bank’s Deputy CEO and In-charge revealed that they are encouraging savings for the future, with their enhanced rates and exciting rewards.

She added that the bank believes in equipping the future generations with essential financial skills to save and spend wisely.

BML’s Deputy CEO and In-charge went on to reveal that parents can also request for a free reloadable Mastercard Prepaid card from Sunday, with each new kids’ saver account.

This card can be topped up and used for everyday purchases, paving the way to help kids learn the essentials of budgeting and spending wisely.

BML revealed that the new interest rate for kids’ saver accounts and profit rate for BML Islamic kids’ saver accounts are applicable for new and existing accounts.

The promotion period will proceed through November 28.