Product Features

• Opening deposit of UShs. 20,000.
• Minimum balance of UShs. 20,000.
• No ledger fees, maintenance fees or monthly charges.
• Withdrawal done over the counter by the parent or guardian.
• No ATM card issued.
• SMS alerts for transactions.

Benefits

• Attractive tiered interest rates of up to a 4% per annum.
• No ledger fees, maintenance fees or other monthly charges.
• Free account statements.
• Free and unlimited number of internal standing orders for credit on the account.
• Free school fees bank drafts.
• Parent/Guardian can access the Centenary Bank CenteEducation loan of up to 150% of the credit balance on the account (Loan is issued on the parent/Guardian’s account).
• Life assurance policy covers the parent or guardian and child, for account with a minimum credit balance of UShs. 200,000 covering permanent disablement caused by accident, death plus funeral expenses.

 

In the event of the demise of the account holder/sponsor the CenteJunior Insurance policy criteria shall as follows:

• In the event of death accidental or natural, to the account holder/sponsor, the insurance policy pays an equivalent of one’s account balance at the time of the event, maximum UShs. 30 million.
• In the event of Permanent Total Disability of the account holder/sponsor, the insurance policy pays an equivalent of one’s account balance at the time of the event, maximum UShs. 30 million.
• Critical illness to account holder/sponsor, the insurance policy pays an equivalent of the account balance at the time of diagnosis but limited to UShs. 20M.
• Funeral expenses at the demise of the account holder/sponsor– In case of natural causes - UShs. 1 million and for accidental causes - UShs. 1.2 million.

Note: For those customers with multiple accounts, the cover shall have an accumulation limit of UShs. 100 million. This implies that even if the customer has 4 children, for example with each having an account balance of UShs. 31 million, the maximum payable shall be UShs. 100M.

 

 

The CenteJunior insurance policy has been extended/ enriched to cover the account beneficiary (Child) as indicated here:

 

• Death of the named beneficiary, the insurance policy shall pay UShs. 500,000, if the account balance at the time of the event is UShs. 200,000 and above.
• Permanent Total Disability of the named beneficiary, the insurance policy shall pay UGX 500,000, if the account balance at the time of the event is UShs. 200,000 and above.
• Hospital Cash benefit to the account holder/Sponsor – UShs. 20,000 shall be payable per night of hospitalization, because of an accident.

 

The benefit shall be paid only if the victim has been hospitalized for more than 3 nights and shall be up to 10 nights in hospital. All account holders shall be limited to 2 events per year. Impliedly, one will be compensated under the Hospital Cash cover twice in a year, presumably he/she is involved in more than one accident in any one year.