Student Savings Account is designed for our future generation to introduce them in Banking practice. Any student at the age of below eighteen years can open this account. However, the account is operated by legal guardian of the students
Any students below age eighteen years can open this scheme in his/her 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 scheme 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.
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
Passport size Photographs of Legal Guardian
One copy of Passport Size Photograph of Nominee duly attested by the Legal Guardian
Scheme can be opened at any working day of the month by depositing first installment at any working day. Second and subsequent installments must be deposited within 28th of every month. If 28th day of the month is holiday, installment must be deposited at previous working day.
Scheme can be opened through our any branch/agent point. But encashment of this scheme shall be made in the scheme maintaining branch.
Installment can be deposited in any branch/agent point of the bank by cash or transfer from customer’s account upon instruction. Any number of installments can be deposited in advance.
In case of failure to deposit installment in due time, depositor will have to pay 5% late fee with overdue installment for each month.
Customers of ten years scheme will get a bonus equivalent to one month installment for depositing 120 installments in time.
If depositor fails to deposit six consecutive installments then scheme will be closed.
All government tax, levy, duty or surcharge etc. applicable to the scheme will be deducted from encashment value of the scheme.
Customer will get maturity amount as per the above table.
Encashment before maturity:
Before 6 months: Principal will be given back. Interest/benefit will not be allowed.
On or after 6 months but before 3 years: Principal plus benefit for completed month(s) only at the lowest prevailing rate of savings account.
Between two tenors: Contract value for the completed tenor as per schedule. For remaining period, benefit will be given for completed month(s) only at the lowest prevailing rate of savings account, for both completed tenor value and subsequent deposited installment(s).
Encashment after maturity:
Less than 1 month: Contract value of the scheme will be given. Interest/benefit will not be allowed for the days after maturity.
1 month to 6 months (inclusive): Contract value of the scheme plus interest/benefit will be given at the lowest prevailing interest rate of savings account for the completed months after the maturity
More than 6 months: Contract value of the scheme plus interest/benefit will be given at the lowest prevailing interest rate of 6 months FDR for the completed months after the maturity.
Encashment at the death of the scheme holder
For the period up to the date of death of scheme holder: Ledger balance (calculated based on scheme rate) will be given to the nominee(s) or legal successor(s) after deduction of government dues.
For the remaining period: Benefit will be given for the completed month(s) on ledger balance at the date of the death of scheme holder at the lowest prevailing interest rate of savings account to the nominee(s) or legal successor(s) after deduction of government dues.
