Central Bank of India has launched a lot of attractive schemes for minors such as recurring deposits, savings accounts, time deposit accounts, etc., from time to time. Recently, they supplemented their product line with the Cent Balbhavishya scheme, which is a savings bank account exclusively for minors.
The scheme is designed to cultivate the habit of savings in minors and also to offer an account that can be opened for as less as Rs.50.
Age | Any child up to the age of 12 years can open Cent Balbhavishya account along with parents/legal guardian |
Initial deposit |
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Number of deposits | There are no restrictions on the number of deposits |
Cheque book | Cheque book is issued only after the child attains the age of majority |
Withdrawals | No withdrawals are allowed till 18 years of age, except for opening fixed deposit accounts. |
The account should be credited at once in every month and the minimum balance to be maintained is as follows:
The account provides an option to convert deposits above Rs.10,000 from savings account to cumulative time deposit scheme. In other terms, a Money Multiplier Deposit Certificate (MMDC) is issued on request of the parent for a minimum period of 6 months and maximum 10 years. The option can be exercised by the parent any number of times, but it depends on the age of the minor account holder.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
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