FREEDOM Savings Account

This unique deposit product has been introduced with an objective to inculcate saving habits in the minors (who are in the age between 10 to 16 yrs) and help them in becoming responsible by allowing them to operate this account independently.

 

A special savings scheme for minors, who have attained 10 years of age but not crossed 16 yrs, can read & write, can open this Savings account in their own name singly. No cheque book will be issued to this Account holder; however the minor is allowed to withdraw money from his/her account using ATM card or through withdrawal slip. 

 

                    Minimum Balance               : Rs.100.00

                    Interest Rate                        : On daily balance and quarterly payment

                    Cheque Book/Overdraft     :  Not allowed

                    ATM Card                              :  Allowed (free of cost)

                    Any other charges               :  No

                    Withdrawal                            : Through ATM Card or Withdrawal Slip(Minor to be present at the Bank's counter to affix his/her         

                                                                       signature to withdraw through Withdrawal Slip).                                                                       

 Documents Required:

·         Birth Certificate/School Certificate of minor (showing evidence of age)

·         Photograph of minor

·         Citizenship & Photograph of Guardian (Gaurdian signature is mandatory in Account opening Form).

 Others:

·        Minor Operated Accounts can be converted to full-fledged (Normal) Saving Account on minor attaining the age of 16 years                  

          (Citizenship certificate or any other documents evidencing the proof of age to be submitted for this purpose)