Children upto the age of 12 years (i.e. till 11 years, 364 days).
An Exclusive product for aspiring children a virtual passport for the higher education of the little champion.
Initial deposit can be any nominal amount with a min. of Rs.100/-.
Minimum 2 credits in a half year, aggregating Rs.500 in Rural/ Semi-Urban and Rs.1000 in Urban/Metro excluding interest has to be made.
Joint account cannot be opened under the scheme.
Cheque books are not issued under the scheme.
Transfer of balance in excess of Rs. 5000.00 for opening KD in the name of the minor to get better rate of Interest on the deposit. Maturity proceeds of the KD to be credited back to the originating savings account.
No penalty for non-maintenance of minimum balance.
Conversion of the account into regular SB account after the child attains majority.
Free collection of cheques/ DDs upto Rs.25,000/- gifted to child.
A passport to Education Loan on preference if terms of transaction is maintained.
Application as per Bank’s prescribed form.
Two recent passport size photographs.
Proof of Identity and Proof of Address as per KYC norms.
Any other document required by Bank.
All other terms other than above are as per extant guidelines applicable to Saving Bank Deposit Product.