Children’s Savings Account
A Children’s Savings Account is designed to encourage the habit of saving from an early age and to help build financial awareness among young members. This account provides a safe and supportive way for parents or guardians to start saving for a child’s future while teaching the importance of responsible money management.
At RashtrakutaSouharda Co-operative Society Limited, the Children’s Savings Account allows families to systematically save for important milestones such as education and future needs. The account offers security, flexibility, and the opportunity to earn interest on the balance maintained, helping children gradually develop a positive savings habit.
The account is opened in the name of the child and is operated by a parent or guardian until the child reaches the eligible age as per the society’s guidelines.
Children’s Savings Account Highlights
- Encourages the habit of savings from an early age
- Safe and secure savings account for children
- Interest earned on the balance maintained
- Account operated by parent or guardian
- Passbook facility for maintaining transaction records
- Ideal for saving towards education and future needs
Eligibility
Children’s Savings Accounts can be opened for:
- Minors below 18 years of age
- Accounts operated by parent or legal guardian
- A minor may operate the account independently once they reach the eligible age as per society rules
Documents Required
To open a Children’s Savings Account, the following documents are generally required:
- Duly filled account opening form
- Birth certificate or age proof of the child
- Identity and address proof of parent or guardian
- Recent passport-size photographs
- Any additional documents required as per KYC norms
| Account Maintenance & Interest | |
|---|---|
| Minimum Balance (No Cheque Book) | Rs. 500/- |
| Minimum Balance (With Cheque Book) | Rs. 1,000/- |
| Interest Calculation | Calculated on daily balance; Credited periodically |
| Modes of Operation | Single, Joint, Either or Survivor, Former or Survivor |
Inoperative accounts
Accounts in which there are no operations for a period of two years and above from the date of last operation will be treated as inoperative accounts. Service charge as prescribed by the bank will be levied on such accounts. if no operations are there for ten years amount will be transfer to DEAF account @ RBI.
The Bank reserves to itself the right to alter/add/delete the rules at any time. For this purpose, the Bank shall not require to give a separate notice to each account holder. All announcements of any change in the rules, displayed on the Bank’s Notice Board or published in the press/ Bank’s web site shall be deemed to be sufficient notice to all account holders.
Closure of account
Request for closure of account shall be in writing. The account holder shall return all unused cheque-leaves and Pass-book. He / She shall declare that all cheques issued by him / her on the account have been duly accounted for in the account before closure. In case of joint accounts, for closing the accounts, all the depositors should act in accordance with the instructions given at time of opening the account.
The bank reserves to itself the right to close any account, which in its opinion is not properly conducted or is otherwise undesirable for any reason. If the account is closed within one year from the date of opening, incidental charges as prescribed by the bank will be levied and deducted from the balance before it is paid.
