Name of the Organization : Bahrain Islamic Bank
Type of Facility : vevo Youth Saving Account
Country : Bahrain
Website : https://www.bisb.com/en
vevo Youth Saving Account :
vevo is a youth account from BisB that gives you more – benefits, more choices and more independence.
Related : Bahrain Islamic Bank Apply For Auto Finance : www.statusin.org/5995.html
What is the meaning of vevo?:
vevo comes from the word ‘vivo’ which is Latin for ‘within the living’. vevo was created to fit into your life, you can use your account to get what you want now and in the future.
What is the Islamic structure of the vevo savings account?:
vevo is a savings “Mudharabah” account with an ATM card. “Mudharabah” is a type of Islamic Partnership Contract, whereby one party provides capital, in this case, the customer, “Rab Al Maal” and the other provides expertise and business operations, in this case, BisB, “Mudharab”.
Where can I use my vevo card?:
You can use your card in ATMs and at any Point of Sales (POS) machine. All you need is your card and security Personal Identification Number ‘PIN’.
Can I use vevo for online shopping?:
No, vevo cannot be used for online shopping. But you can apply for an eCard to shop online.
Can I use my vevo card when I’m overseas?:
Sure you can. You can use vevo wherever you see the Visa sign.
Do I get a profit on my vevo account?:
Yes. The standard expected annual profit rate of 0.25% applies. The profit is calculated and distributed on monthly basis.
Why should I get vevo?:
If you are aged between 15 and 25 (inclusive), vevo gives you a better way to manage your cash – helping you plan, save and spend wisely for the future.With vevo you can also enjoy a wide arrange of Local and International special offers and privileges from Visa.
What is the minimum charge/balance you need to open a vevo account?:
BD10.
Do I have to deposit BD10 every month?:
No. The minimum monthly average balance is BD10. You don’t have to deposit every month.
What if the amount is less than BD10?:
If the average monthly balance is less than BD10, there will be a charge of BD1, which will be deducted from the account itself.
Do I need my parents to apply for me?:
As long as you are 15 years old and above, you can apply for vevo on your own.
Eligibility:
** vevo youth savings account is available to Bahraini and non Bahraini nationals.
** The general criteria to opening a vevo youth savings account is detailed below:
** Age of Applicant: vevo is designed for youth amongst the age of 15 to 25.
Required Documents:
To apply for vevo youth savings account, applicants must provide the following documents:
** Two valid Identifications.
** Filled and signed application form.