Terms and conditions for maintaining NRBCB Student Savings Scheme
Students age of below eighteen years can open this scheme in his own name by depositing first installment. Parents or legal guardian of the students will operate the scheme on behalf of the students. During opening of the account students have to submit two copies of passport size photographs, birth registration certificate, Attested copies of Institutional identity card/Certificate issued by Educational Institute/Receipt of School Fees of latest month of the students.
Term of scheme: 3 (three), 5 (five), 7 (seven) and 10 (ten) years.
Monthly installment size and corresponding maturity value (Principal + Interest) are as below;
Monthly Installment / Term 200.00 300.00 500.00
03 Yrs 8,600.00 12,900.00 21,500.00
05 Yrs 16,160.00 24,240.00 40,400.00
07 Yrs 25,600.00 38,400.00 64,000.00
10 Yrs 44,460.00 66,690.00 111,150.00
Installment can be deposited from any branch of the bank.
Scheme can be opened at any working day of the month and from the next month installment must be deposited within 28th day of every month. If 28th day is holiday then installment must be deposited at previous working day.
Installment can be deposited from Current Account/Savings Account/SND Account through standing order without any charge.
In case of ten years scheme, regular depositor will get bonus equivalent to one installment.
If depositor fails to deposit six consecutive installments then account will be closed.
Premature Encashment Rule : If depositor wants to close the scheme before maturity or fails to deposit Six consecutive installments then benefit will be given as follows;
a. Before 1 year: Principal will be given back. Benefit will not be allowed.
b. On or after 1 year but before 3 years tenor: Principal plus benefit @ prevailing savings rate (lower slab) on principal amount.
c. Between two tenors: Full benefit for the completed tenor as per above table. For remaining installments benefit will be given @ prevailing savings rate (lower slab).
All government tax, levy, duty or surcharge etc. applicable to the scheme will be deducted from encashment value of the scheme.