At present a minor can open Savings Bank account in his or her name to be operated by the Minor himself/ herself when he/ she is aged 13 or above. To encourage and develop savings and banking habit, Bank has formulated the scheme under which children completing the age of 10 or above can open and operate "United Children Savings Account" independently.
The details of the scheme are given as under –
1. Nature of Account :
The nature of account would be Savings Bank Account.
2. Opening of Account :
An applicant will be required to fill in usual Savings Bank Account Opening Form of our Bank. A Rubber Stamp reading “United Children Savings A/c.” shall be affixed at the top of the a/c opening form.
At the time of opening the account nomination form as specified and annexed with account opening form itself must be obtained.
- Deposits will be made through a Savings Bank Account Pay-in-Slip
3. Eligibility for opening of an account :
United Children Savings Account may be opened by the children completing the age of 10 years or above. The illiterate children are not eligible to open account under this scheme. The account is to be opened in single name of minor children. A minor attains majority at 21 when he/she is under a guardian appointed by Court and in all other cases a minor attains majority at 18. Whenever the account holder attains the majority there is no need to take a new form, but photograph is to be obtained, as there exists a possibility of change of facial appearance. In the account opening form where stamp of United Children Savings Account is affixed a line stating “converted into usual Savings A/c.” is to be incorporated. A new specimen card may be taken if the style of signature varies.
4.Initial Deposit & Minimum balance :
Under this scheme initial minimum deposit and amount of minimum balance in the account is Rs. 50/- (Rupees fifty) only.
- The account is to be introduced as per norms including independent verification of address.
- All other KYC norms should be observed in terms of KYC policy.
6. Accounting Procedure :
Accounting procedure will be the same as that applicable to Savings Bank Deposit A/c.