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Gen-Next Junior

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Gen-Next Junior

Product Nature

This is a Special kind of Savings Bank Deposit product for children to be made available in Gen-Next Pune branch.

Target Group

Children upto 18 years of age.

Minimum Amount & Balance

  • QAB: Rs 500/-
  • Charges for non-maintenance of QAB is Rs 50/ per quarter only.

Maximum Amount

  • In case of joint accounts with parent and minors (with sole account) above 14 years, there is no ceiling on the maximum amount.
  • An account in the sole name of minor above 10 years and below 14 years, maximum limit is Rs 1 lakh.

Single / Joint Accounts

  • In case of minor below 10 years the account shall be opened jointly with parents / guardian.
  • Minors above 10 years (below 18 years) can open the account in their sole name subject to : Minor is able to read and write any of the recognized languages, and
  • Capable in the opinion of the Bank officials of understanding the what he / she is doing and SB account rules and regulations.

For detailed information on the benefits you can avail of, and terms and conditions to follow for the same,

  • The basic rules governing the Savings Bank a/c will also be applicable to this account.
  • Chequebooks will be issued under the scheme. First Chequebook with 20 leaves per half year will be free of cost.
  • Cash deposits of Rs. 50000/- and above in a day will require PAN.
  • KYC norms will be observed in this savings bank a/c.
  • Number of withdrawals not to exceed 100 in a half-year by customer.
  • All other charges will be same as applicable to the ordinary Savings a/c.
  • Account will be operated by the customers using withdrawal slip, Cheque leaves, Standing instruction, ECS (debit), Debit Card, Internet banking facility etc.
  • Interest rate, periodicity and method of application of interest will be similar to our usual Savings Bank a/c. The other provisions like transfer to dormant, in operative etc. will be the same as applicable to ourusual SB a/c.
  • Anywhere banking facility.
  • Free standing instruction.

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