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The BOP Youth Education Account (YEA) is a specialized current account designed for young students in schools, colleges, and universities, up to the age of 30. This account includes the additional benefit of Education Insurance, making it a versatile financial product aimed at supporting the educational and financial needs of young students and their families.
Salient Features
Eligibility and Account Types
- Age Limit: Students up to 30 years old are eligible to open the account.
- Minor Accounts: For students under 18, a minor/guardian account will be opened. Once the student provides their CNIC, a standard YEA account will be established.
- Account Categories: Accounts can only be opened in Minor/Guardian and Student categories; joint accounts are not permitted.
Account Benefits
- No Minimum Balance Requirement: There is no minimum balance limit, thus no account maintenance charges.
- Free Debit Card: A PayPal Debit card is provided at no cost.
- Free Online Banking: Students can access online banking services for free.
- Universal Cheques: Free issuance of universal cheques favoring any educational institution.
- Insurance Coverage: To qualify for education coverage, the student must be an account holder for at least one calendar month.
Insurance Benefits
- Eligibility for Insurance: Students are covered under the insurance policy as long as they are under 30 years old and their parent/guardian is aged between 18-60 years.
- Life Insurance: Free life insurance coverage is available upon maintaining a monthly average balance of PKR 100,000.
- Natural Death and Disability: Insurance cover is Rs. 20,000 per month for 24 months in case of natural death or permanent total disability of the parent/guardian.
- Accidental Death: In the event of accidental death, the insurance cover doubles to Rs. 40,000 per month for 24 months. Terms and conditions of the insurance company apply.
Additional Services
- E-Banking: Free e-banking facility to view the statement of account.
- SMS Alerts: Available subject to annual charges as per the bank’s schedule of charges.
- Utility Bills Deposit: Free of cost-utility bills deposit facility through BOP ATM Network, BOP Phone Banking, and self-service IVR system.
Detailed Table of Key Features
| Feature | Details |
| Eligibility Age | Up to 30 years |
| Account Types | Minor/Guardian, Student |
| Joint Accounts | Not Permitted |
| Minimum Balance | No minimum balance required |
| Debit Card | Free PayPal Debit card |
| Online Banking | Free access |
| Universal Cheques | Free issuance for educational institutions |
| Education Insurance Eligibility | The account holder for at least one calendar month |
| Insurance Coverage | Parent/guardian age 18-60 years |
| Life Insurance | Free with a monthly average balance of PKR 100,000 |
| Natural Death/Disability Coverage | Rs. 20,000/month for 24 months |
| Accidental Death Coverage | Rs. 40,000/month for 24 months |
| E-Banking Facility | Free statement of account view |
| SMS Alerts | Available with annual charges |
| Utility Bills Deposit | Free through BOP ATM, Phone Banking, and IVR |
Conclusion
The BOP Youth Education Account is a comprehensive financial solution designed to meet the needs of young students. With features such as no minimum balance requirement, free debit cards, and extensive insurance coverage, this account supports the financial and educational goals of students and their families. Interested individuals can benefit from this account by ensuring they meet the eligibility criteria and maintaining the necessary documentation.
For more detailed information and to start the registration process, visit the nearest BOP branch or contact their customer service.