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The BOP Youth Education Account is a current account specifically designed for students in schools, colleges, and universities, up to 30. This account comes with the added benefit of education insurance, which ensures financial security and support for students and their families.
Key Features of BOP Youth Education Account
Eligibility and Account Types
- Age Limit: Students up to 30 years old are eligible.
- Minor Accounts: For students below 18, a Minor/Guardian account will be opened. A standard Youth Education Account (YEA) will be established upon submission of the student’s CNIC.
- Account Types: Accounts can be opened in the Minor/Guardian and Student categories only. Joint accounts are not permitted.
Financial Benefits
- No Minimum Balance: There is no requirement for a minimum balance, which means there are no account maintenance charges.
- Free PayPak Debit Card: Students receive a free PayPak Debit Card.
- Free Online Banking: The account includes free online banking services.
- Universal Cheques: Free issuance of universal cheques favoring any educational institution.
Insurance and Coverage
- Education Insurance: Students must hold the account for at least one calendar month to qualify for the education cover.
- Life Insurance: Free life insurance coverage is provided if a monthly average balance of PKR 100,000 is maintained.
- Natural Death or Permanent Disability: Coverage of Rs. 20,000 per month for 24 months if the parent/guardian (one person only) dies naturally or becomes permanently disabled. The guardian’s age must be between 18-60 years.
- Accidental Death: In case of accidental death, the insurance cover doubles to Rs. 40,000 per month for 24 months. Terms, conditions, and exclusions from the insurance company apply.
Additional Services
- E-Banking: Free e-banking facility to view account statements.
- SMS Alerts: Available subject to annual charges as per the bank’s schedule of charges.
- Utility Bills Payment: Free facility for depositing utility bills through BOP ATM Network, BOP Phone Banking, and self-service IVR system.
How to Register for BOP Youth Education Account
- Eligibility Check: Ensure you or your guardian fall within the eligible age bracket.
- Visit BOP Branch: Go to the nearest Bank of Punjab branch.
- Required Documents:
- For students below 18: Birth certificate and guardian’s CNIC.
- For students above 18: CNIC.
- Account Opening Form: Fill out the account opening form.
- Submission: Submit the form along with the necessary documents.
- Verification: The bank will verify your details.
- Account Activation: Upon successful verification, your account will be activated.
Quick Details Table
| Feature | Details |
| Age Limit | Up to 30 years |
| Minor Account | For students below 18 years |
| Minimum Balance Requirement | None |
| Debit Card | Free PayPal Debit Card |
| Online Banking | Free |
| Universal Cheques | Free for educational institutions |
| Life Insurance | Free upon maintaining PKR 100,000 monthly average balance |
| Insurance Coverage | Rs. 20,000/month for natural death or disability |
| Accidental Death Coverage | Rs. 40,000/month |
| E-Banking | Free |
| SMS Alerts | Available with annual charges |
| Utility Bills Payment | Free through BOP ATM Network, Phone Banking, IVR |
Conclusion
The BOP Youth Education Account is a thoughtfully crafted financial product aimed at supporting students in their educational journey. With numerous benefits like no minimum balance requirement, free debit cards, and comprehensive insurance coverage, it ensures that students and their families can focus on education without worrying about financial constraints. Registering for this account is straightforward, making it an accessible and beneficial option for young students across Punjab.
For more detailed information, please visit the official Bank of Punjab website and refer to the Key Fact Statement (KFS).