Overview of Corporation Bank NewGen Savings Bank Account
Saving is a habit which is beneficial to anyone and everyone, young or old. For the younger generation, Corporation Bank has introduced the Corp NewGen Savings Bank Account. This account is meant specially for all students who are above 10 years of age and are pursuing a regular course. Also, students holding existing Corporation Bank savings accounts can also convert the same to a NewGen Account.
The Corp NewGen account is a savings account which offers certain features which can be helpful for youngsters to begin saving. To make it user friendly, this savings bank account features lower quarterly average balance requirements and plenty of special add-on services. Among the various features offered under this account are internet banking, SMS banking, personalized cheque book facility, issue of debit card for quick
access to cash, etc.
|Category||Corp NewGen Account|
|Minimum Balance Requirement||A minimum quarterly average balance of Rs 100 must be maintained in this account.|
|Initial Deposit Amount||A minimum initial deposit of Rs 100 must be made.|
|Interest||Interest will be applicable at the rate of 4% per annum.|
|ATM/Debit Card||Corporation Bank Debit card to be provided with this account.|
Features of Corp NewGen Savings Account
|SMS Banking facility||Available|
|Internet Banking facility||Available|
|Demand Draft / PO||Purchase of DD’s/PO is available through the account, p to a maximum of 5 instruments each month.|
|Cheque book facility||A personalized cheque book will be provided to students above the age of 18 years.|
|Collection of Cheque||Collection of cheques available up to the limit of 2 instruments in a month.|
|Account Conversion||Once the course being pursued is over, account holders have the option o converting their account to a normal Savings Bank Account.|
Documents Required – Corp NewGen Savings Account
In order to open this savings account, students must submit the following documents:
- A copy of the ID card issued by the school / college displaying the duration of the course.
- Students must follow all the guidelines applicable for opening of accounts, including KYC norms.
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