With a view to promote Banking culture among young children, the Govt. of India has promoted a new scheme in this regard. Hence our Bank has introduced a scheme called “BALYA CHARAN” under saving Bank accounts for the minors. This will certainly improve the habit of savings and Banking knowledge. We request our esteem customers / members to make use of this new scheme in order to educate your children to inculcate savings habits.
- Minor Children above the age of 10 years and below the age of 18 years.
Terms and conditions
- Minors can operate account independently
- Account should be always in credit and not overdrawn at any point of time
- At present cheque book and ATM cards will not be issued
- Balance in SB account could be maintained up to a maximum of Rs, 50000/- only.
- Cash withdrawal to be allowed by self only.
- Rate of interest will be 5% p a
- Declaration of source of fund in the account either by the minor or by Natural/ Legal Guardian
- On attaining majority, the minor should confirm the balance in her/his account and the account will be convert to regular SB account by collecting documents as per KYC norms.
- Birth certificate
- School Certificate
- S S L C/10th Std Marks Card
- Proof of address of the Natural /Legal guardian with a declaration that the minor is staying with them or reside in the same address. If minor is staying in a residential School or in a hostel, a letter confirming to that effect to be obtained from the principal of the school/ warden of the hostel
- Passport Copy/ID card issued by the Educational Institution/ pan card/Adar Card