A saving bank account particularly made for minors to inculcate the habit of saving at young age so that they could understand the importance of saving money for later financial needs.
Features
| Eligibility | · Minor students who is above 10 years of age can open the account and operate the saving bank account in his/her name.
· Declaration has to be obtained from parents or guardian. |
| Debit Card | · Personalised Debit cards are issued for the minors.
· The maximum withdrawal from the debit card is Rs 5000 per month |
| Withdrawals | Withdrawals are done through withdrawal slip or debit card. |
| Transaction Limit | · Under this scheme the transaction limit per month is Rs 10,000 including maximum withdrawal limit up to Rs 5000 per month by using the personalised debit card.
· The total credit in this deposit account could exceed Rs 1 lac per financial year. · The balance in the account should not exceed Rs 50,000 at any point of time. · The account must always remain in credit. |
| Free Funds Transfer Facility | Through the help of demand draft free fund is transferred to the college/schools which is subjected to a maximum withdrawal/transfer of Rs 10,000. |
| SMS Alerts | Available, these alerts are sent to the mobile number provided by the guardian/parents in the declaration form. |
| Mobile Banking Facility | Not available |
| Loan Facility | Attractive Educational Loan scheme are provided by Canara Bank for higher studies of the minors. |
| Documents Required | · Application of the Bank’s prescribed form
· Declaration from the parents · 2 passport size photograph · Address Proof · Copy of Student Identity card or a letter from the educational institution. |
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