Canara Bank has initiated a new banking service that will be provided to the young girls of our country to help promote the enrolment of girls in schools and reduce the number of school dropouts who belong to the SC/ST group. The Canara NSIGSE Savings Bank Deposit Account has been introduced as per the directives laid out by the Ministry of Human Resources Development, Government of India. This scheme comes with a number of benefits which are aimed at promoting people in the SC/ST group to opt for such an account.
Eligibility criteria for opening a Canara NSIGSE Savings Bank Deposit Account:
There are certain requirements that have been laid out by the bank that need to be met by a customer who wants to open a Canara NSIGSE Savings Bank Deposit Account:
- Girls belonging to the SC/ST group who have passed the 8th grade
- Girls who have cleared the 8th grade examination from Kasturba Gandhi Balika Vidyalayas and who enrol for the 9th grade in UT/State Government, Government Aided or local body schools for the academic year of 2008-2009 onwards (regardless of whether they are part of the SC/ST group)
Documents required for opening a Canara NSIGSE Savings Bank Deposit Account:
There are a few documents that are required by the bank to open a Canara NSIGSE Savings Bank Deposit Account. The customer should submit the following documents when opening a Canara NSIGSE Savings Bank Deposit Account:
- The application form for opening a Canara NSIGSE Savings Bank Deposit Account should be duly filled and submitted at the nearest branch of Canara Bank
- 2 coloured passport size photographs are required
- Copy of the student’s identity card (ID) which has been attested by the concerned school authorities (ID should contain necessary details about the student like name, date of birth, etc.)
- Address proof in the form of a voter’s card, driving licence, or a recent utility bill
- If the applicant is a minor, a no-objection letter will be required by the applicant’s natural guardian stating that the minor is updated on any information pertaining to the opening of a Canara NSIGSE Savings Bank Deposit Account
Features and benefits of Canara NSIGSE Savings Bank Deposit Account:
The NSIGSE Savings Bank Deposit Account which is offered by Canara Bank comes with the following listed benefits:
- Easy access to money: The bank provides a number of ATMs that can be accessed by the bank’s customers. An individual who possesses a NSIGSE Savings Bank Deposit Account can use their card to withdraw money from any ATM belonging to Canara Bank or any of its associated banks.
- Minimum balance: The account will still remain active even if the account has no money in it. The account can still be maintained with a zero balance.
- Non-operational charges: There are no charges that are levied on a customer due to non-operation of the Canara NSIGSE Savings Bank Deposit account. The account will remain active even after two or more years of non-activity.
- Electronic payment channels: There are a number of electronic channels that can be employed to transfer cash into your Canara NSIGSE Savings Bank Deposit Account. Net banking, collection or deposit of cheques (cheques are issued after the student becomes an adult), withdrawal of cash using withdrawal slips, etc. are a few ways mentioned that will help you manage your money.
- Standing instruction
- Transfer ability
- Nomination facility
Canara NSIGSE Savings Bank Deposit Account FAQs:
What does NSIGSE stand for?
NSIGSE stands for National Scheme of Incentive to Girls for Secondary Education.
If my daughter studies in a school run by the Central Government, can she open a Canara NSIGSE Savings Bank Deposit Account?
No. This scheme is mainly meant for girl students who find it difficult to afford an education and is not meant for girl students who do not need any financial support.
Are there any restrictions that are imposed based on income criteria?
No. There are no restrictions that are imposed due to the income criteria of a girl student or her family. It is understood that most students who are applying for this savings account will generally be from the disadvantaged section of society.
Can married girls open a Canara NSIGSE Savings Bank Deposit Account?
No. Married girls are not eligible to open a Canara NSIGSE Savings Bank Deposit Account.
- Who are the implementing agencies for this scheme? Aided private schools, local bodies, and Panchayati Raj Institutions are the implementing bodies that will identify who would be the beneficiaries of this scheme.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.