'VCB Balavikas' Accounts for Minors

Salient features of the Scheme:

Opportunity for children to develop Savings Habits and also to be aware of banking knowledge.
Operation of the account independently by the minors.
The maximum number of credit balance in the Savings Bank account is not to exceed Rs. 50,000/- at any point of time.
The minimum balance is Rs. 250/- as applicable to General Public.
Fixed deposits may be kept for a maximum amount of Rs. 1 lakh under any scheme.
Recurring Deposit with a maximum monthly installment of Rs. 5000/-.
Additional interest of 0.50% over the rates applicable to General Public in respect of Savings Bank, Fixed Deposits and Recurring Deposits to be offered under this scheme.

Documents required for opening 'VCB Balavikas' Accounts:

Introduction from Natural/Legal Guardian/Principal of the School.
Photo ID Proof by way of Passport/Identity Card issued by Educational Institutions.
Age proof.
Proof of address of the Natural/ Legal Guardian with a declaration that the minor is staying with them or resides in the same address. If the minor is staying in a Residential School or in a hostel, a letter confirming to that effect to be obtained from the Principal of the school/ Warden of the hostel.
Declaration of Source of funds in the account either by the Minor or by the Natural/Legal Guardian.

Terms and Conditions:

Minimum age criteria for opening a 'VCB Balavikas' account is completed 10 years.
For the time being no cheque books and ATM cards will be issued to these accounts.
The account should always be in credit and not overdrawn at any point of time.
All other terms and conditions as per RBI Directives and our existing rules and regulations will apply to this scheme also.