The new scheme has been launched with an objective to mobilize small deposits from youngsters in the form of regular savings for their future investments. This scheme is most suitable for accumulating regular small savings into the handsome amount and one can plan for a large investment in future. Even parents can open the account in the name of their children to accumulate fund to finance higher studies of the children.
Target Customer: children age between 1days to 16 years
Rs 1000/- per month to the Max Rs 10,000/-(In the multiple of Rs 1000/-)
Period: 1 Year to 10 Years (In the multiple of 1 Years)
As per Normal FD Rate plus 0.5% as Education Bonus
- Maturity date and the amount will be fixed at the time of opening account.
- Premature withdrawal allowed.
- Loan available up to 90% of the deposited amount at 2% higher rate than the published interest rate.
- Under CSR initiative the bank will provide Rs 5/- for every account to raise fund for helpless and needy people. Every year on annual day function, the fund will be donated to Orphan house/schools/child activists etc.