Who can open :
- a) Students who have completed 10 years of age and are pursuing regular courses.
- b) Existing SB A/cs of students already opened with the Bank can be converted to this new a/c.
Account Specification :
- Savings Bank account for students, with reduced Quarterly average balance requirements and with Add –on facilities.
Initial Deposit and Quarterly Average Balance :
- A minimum initial deposit of Rs. 100/- and a minimum Quarterly Average Balance of Rs. 100/- to be maintained.
Penal charges for Non Maintenance of QAB :
- Rs. 100/- per quarter + S.T.
Rate of Interest :
- Rate of Interest is 3.5% p.a. for balance below Rs.50 lakhs and 4% for balance of Rs.50 lakhs and above with effect from 01.09.2017. ( on daily minimum balance)
Add-on facilities :
- Debit card
- SMS Banking
- Purchase of DD’s/PO’s through the account up to a maximum of 5 instruments in a month.
- Collection of cheques up to a maximum of 2 instruments in a month.
Identification Document :
- Copy of the student ID card issued by the school / college mentioning the course period should be held as proof of identity.
- All existing guidelines for opening of a/cs including KYC norms have to be followed.
Conversion to Normal Saving Bank Account :
- At the end of the course period the New Gen A/c
Other facilities offered :
- Internet Banking
- Personalized cheque book for students above 18 years of age All other facilities as applicable to normal Savings Bank account
- E –passbook
- E- mandate
- Missed Call Facility