Purpose:
To offer an attractive Saving Fund Account to minor.
Eligibility:
Account can be opened by a minor of any age through his/her natural or legally appointed guardian. Minors above the age of 10 years (on obtaining satisfactory proof of age) are allowed to open and operate savings bank accounts independently, if they so desire. The account will be opened on compliance of Know Your Customer (KYC) Guidelines, execution of Account Opening Form and other requisite formalities, viz., photographs, identity and address proof, etc.
Initial Deposit And Minimum Balance Requirements:
Zero
Features Of The Scheme:
| Particular | Concessions/Freebies |
|---|---|
| Minimum Quarterly Average Balance (QAB) | Zero |
| Initial Deposit | Zero |
| Free Cheque leaves | 50 cheque leaves per year |
| NEFT charges | Free upto Rs.10,000/-per day |
| Issue of Demand Drafts | Free for school/college fee |
| Issue of ATM/Debit Card (Rupay) | Allowed subject to debit upto Rs.5000/- per day |
| Internet Banking Facility | Allowed-only view facility |
| Mobile Banking Facility | Allowed-only view facility |
| On attaining majority revised instructions/ signature & a/c will be converted to “SBGEN”. | No overdraft facility |
| Charges for not maintaining QAB | Not Applicable |
| Ledger Folio Charges | NIL |
| Intersol transactions including cash withdrawal/deposits | Free |
Withdrawal Of Freebies
- To arrest the misuse of Minor Accounts, all the concessions and freebies under the scheme shall be withdrawn after attaining the age of 18 years.
- A mandate/authorization letter is to be taken from student at the time of opening of account under aforesaid scheme, stating that after attaining the age of 18 years, the concerned student account shall be automatically changed to General Category Saving Fund Account. The mandate/authorization letter is placed at ANNEXURE – A which shall form an integral part of the AOF.
- Cessation Date is to be filled at the time of opening of account itself. The date/year when the student is likely to exit the Institution or the date when the student attains the age of 18 years be obtained along with proper proof.
- Once the minor account is changed into general SF account, the special freebies/concessions in PNB Minor scheme as per existing bank guidelines shall be withdrawn and charges as applicable in normal Saving Fund account shall be levied in the account.
- Overdraft Facility: Not Allowed
- Nomination: Allowed