CANARA NSIGSE SAVINGS BANK DEPOSIT ACCOUNT

CANARA NSIGSE SAVINGS BANK DEPOSIT ACCOUNT

PRODUCT NATURE

A SB product designed as per directives of the Ministry of Human Resources Development, Government of India to reduce School dropouts and to promote the enrolment of girl child belonging to SC/ST communities in Secondary Schools.

ELIGIBILITY

(i) All SC/ST girls who pass class VIII and

(ii) Girls who pass class VIII Examination from Kasturba Gandhi Balika Vidyalayas (irrespective of whether they belong to SC/ST) and enroll for class IX in State/UT Government, Government Aided or local body Schools in the Academic year 2008-09 onwards.

State/UT Governments, Schools controlled and managed by State Governments, Local Bodies and Aided Private Schools and Panchayati Raj Institutions will be the Implementing Agencies to identify the beneficiaries under the Scheme.

APPLICATION

· Application to open a Canara NSIGSE Savings Bank Deposit  account should be made in the Bank's prescribed form.

. Two recent Passport size photographs of the applicant(s) is to be submitted along with the application .

IDENTITY AND ADDRESS PROOF

Copy of Student Identity Card with photo, Date of birth & authentication by the School Authorities to be submitted.

A declaration-cum-no objection letter should be submitted by the natural guardian of the minor to the effect that the minor has acquired sufficient knowledge about opening/operating the Bank account.

All other procedures as applicable to the minor's account.

FACILITIES AVAILABLE

The services available in the account will include deposit and withdrawal of cash at Bank branches, receipt/credit of money through Electronic payment channels or by means of deposit/ collection of cheques, etc.

No charge will be levied for non-operation of Canara NSIGSE Savings Bank Deposit account. The account will not be classified as inoperative when the same is not operated for two years or more.

OTHER FACILITIES

Pass book, transfer of account from one branch to another, standing instruction, etc.

WITHDRAWAL/ DEPOSIT

Withdrawals shall be mainly by way of Withdrawal Slips. No cheque book is to be issued till the student attains majority.

No stipulation of any minimum balance in the account. The account can be maintained even with zero balance.

NOMINATION FACILITY

As applicable to Savings Bank account.

OTHER TERMS & CONDITIONS

Ø Married girls will be excluded from the scheme.

Ø Girl students studying in private unaided Schools are excluded since a majority of such Schools charge high fees and therefore, parents of such girl students may not require the financial assistance that is being offered under this scheme.

Ø Students enrolled in Schools run by Central Government are also excluded from the scheme, as these children are either fully provided for already, or are those of Central Government employees, who can afford education of their children without further support.

 Ø There would be no restriction based on the income criteria for grant of incentive to girls, as they would generally be from disadvantaged section of the society.