Students Saving Deposit Scheme

• This scheme is formulated to develop savings habit among the children under the existing provisions contained in Savings Bank accounts rules of the Bank. The savings box will be provided to student immediately after opening the account with minimum amount of Rs.25/-.
• The account will be in the form of Savings Bank account of minor person opened by the guardian. The student attained the age of 12 years may open the account with his signature. All withdrawals under this account is across the counter on presentation of the pass book along with the withdrawal slip signed by the student account holder. Withdrawal is to the extent of credit balance in the account only.
• The Branch Manager and one of the subordinate staff or two senior staff of the Bank authorised by the Branch Manager will be the monthly collector of the savings.
• Above persons will visit the schools and explain the rules pertaining to the scheme to the students. 
• They will collect the account opening forms from the intended students duly filled and signed.
• The teachers or other staff of the school will be the introducer for these accounts.
• The student who opened the account will be provided a box with lock to keep the savings by the student and the key of the box will be with the Branch Manager which will be given to the collector only for collection of the amount from the box monthly. The Box will be with student always and Rs.50/- will be collected if the box is lost by debiting the account.
• The collector of the deposit will visit the school in 2^nd of every month or on the next day if 2^nd is holiday or any other bank working day fixed by the school authority for the collection of the accumulated saving in the Box. The box will be opened in the presence of the student.
• The signature of the student will obtained on the Bank challans duly filled and the counter foil of the challan will be given duly signed by the collectors which will be the valid receipt for he amount collected. The collection will also be recorded in the pass book by the collectors.
• The amount so collected will be remitted to the bank by the collectors on the same day and the amount will be credited to the respective account on the same day.

Terms and conditions apply