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CANARA CHAMP DEPOSIT SCHEME

CANARACHAMP DEPOSIT SCHEME

PRODUCT NATURE

Basically, a SB Deposit for children.

ELIGIBILITY

Children upto the age of 12 years (i.e. till 11 years, 364 days)

MINIMUM DEPOSIT

Initial deposit can be any nominal amount with a minimum of Rs.100/-. No penalty in case of non-maintenance of minimum balance.

RATE OF INTEREST

As applicable to SB deposits. Presently 4.00% per annum.

CHEQUE BOOK

Cheque books are not issued under the scheme.

JOINT ACCOUNT

Joint accounts cannot be opened under the scheme.

OTHER FACILITIES

            Nomination facility is available

        C-Net Banking facility is available      (For viewing only)

      After the child attains majority, the   account can be converted to regular SB Deposits, whether the Education loan facility under this scheme has been availed or not.

STIPULATION

A minimum of two credits in a half year aggregating to Rs. 500/- in Rural and Semi Urban Branches and Rs. 1000/- in Urban and Metro Branches (Excluding interest) in order to be eligible for an Educational Loan as per the then prevailing Educational Loan Scheme.

SPECIAL FEATURE

         TDS is not applicable for SB Canara Champ Deposit. 

           There is an option under the scheme to convert balances in excess of Rs. 15,000/- into Kamadhenu Deposit upon the request of the account holder which shall remain with the Bank until the child completes +2 Education and is eligible for pursuing higher education. TDS is applicable on such Kamadhenu Deposits.

SPECIAL OFFER, IF ANY

          Loan eligibility Card for Educational loan as per the then prevailing Educational loan scheme. For availing Education Loan using the Loan Eligibility Card, there should not be any withdrawal in the account till the child completes +2  Education and applies for the loan.

·         Attractive Savings Box to cultivate the habit of Savings among children.

          Attractive photo folder cum personal details with 16 pouches to store photos of the child and record memorable moments.

           Free collection of cheques/DDs gifted to the child upto Rs. 25,000/- per annum (In Indian Rupees or foreign currency).

APPLICATION & DOCUMENTS

          Application in the Banks’ prescribed form.

           Copy of PAN Card / Form 60 or 61 (if customer does not have PAN Card).

           Photograph of Depositor/s (2 copies).

            Proof of Identity and address as per KYC Norms.