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.
|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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