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.