Scheme Detail

Objective

• Long-term Savings: Encourage parents or guardians to save for their child’s future education or other significant expenses.
• Financial Security: Provide a secure financial base for the child’s future, ensuring financial stability and security for their important life milestones.
• Encouraging Regular Savings: Promote the habit of regular savings andinstill financial discipline in both parents and children.

Details

• This scheme of deposit is exclusively meant for minors; hence deposit account shall be opened in the name of minor on production of birth certificate and kyc document of minor is mandatory.
• Only the natural guardian (Mother / Father) of minor is permitted to open and operate the account. Further natural guardian shall compulsorily be a member of our society. And also KYC and Photograph of Guardian is mandatory.
• The term of deposit is 120 months (i.e:10.yrs)
• Minimum amount of Deposit shall be Rs. 10000/-
• The limit for maximum amount of deposit in a single account is Rs. 2,00,000/-(Rupees Two Lakhs only)
• The deposit shall be compulsorily in multiple of Rs. 10000/- and no fractional amount of deposit is allowed.
• Pre-matured closure of deposit is allowed, with penalty @ 2.5% on applicable rate of Interest, subject to following:
• If closed before completion of one quarter: Simple interest shall be paid for expired period less penalty @2.5%.
• If closed after completion of one quarter but before one year : Interestrate (regular) applicable for expired period, subject to deduction of penalty @2.5%, shall be paid on compounded quarterly basis.
• If closed after one year but before maturity date: Interest rate on reinvestment deposit applicable for expired period, subject to deduction of penalty @2.5%, shall be paid on compounded quarterly basis.
• Loan can be granted up to 90% of face value / deposit amount (excluding interest). The rate of interest for loan against said deposit is @2% more than the applicable rate.