Main features of the Account:
- The account can be opened with a minimum initial deposit of Rs 10/- and thereafter the balance can go below Rs.10. The account can continue with even ZERO balance.
- No Debit or ATM Cards will be issued under the scheme.
- For standing instructions, NO CHARGES will be levied.
- Cheque books will not be issued to the account holders. However, on a case to case basis, a maximum of 6 Pay Orders/Demand Drafts/M.T (all taken together) can be issued in a year, each not exceeding Rs 2,500/- for which, our usual charges will be levied. In case the account holder has more than one such account with the branch in such cases total PO/DD/MT per year should not exceed 6 remittance.
- Persons above the age of 10 and below 18, who years and able to read and write may open a Minor Savings account under the scheme in his own name or jointly with any other person.
- Collection of cheques is normally not encouraged in these accounts. However, on a case to case basis, a maximum of 6 instruments can be collected in a year, each not exceeding Rs 2,500/- for which, our usual charges will be levied.
- Third party cheques will not be collected in these accounts.
- All other existing terms and conditions of our Minor Savings Scheme shall be applicable to minors under this scheme and for adults, the terms & conditions applicable to our normal Savings Deposit Scheme shall apply.