CUB Juniors India Savings Account
The 'Juniors India' Savings Account is the latest savings bank scheme from City Union Bank, introduced for the children of the country. This account, which is meant for minors offers many benefits to children, as account holders.
In order to open a Juniors India account, the child must be introduced to the bank by an account holder. The City Union Bank requires the child applicant to submit his or her birth certificate at the time of opening the account.
Bank | City Union Bank |
Name of Account | Juniors India Savings Bank Account |
Category | Savings Bank Account |
Eligibility | Children who are 1 day old to the ones below 18 years are eligible for the account. Account is operated by a parent/guardian or court appointed guardian. |
Age Proof | Birth Certificate of the Child (Applicant) |
Debit Card Offered | For Children above 12 years, with consent of parent or guardian |
Interest Rate | 3.50% per annum at present |
Balance Requirements for CUB Juniors India Savings Account
As it is a minor savings bank account, the minimum balance to be maintained on an average in the account is very low.
Cheque Book Account | Rs.250 |
Non-cheque Book Account | Rs.100 |
Services Offered on CUB Juniors India Savings Account
The following services are offered on a Union Bank of India Junior India Savings Bank Account:
Age Group: 1 Day to 12 Years
Account holders of the Juniors India Savings account, who are between the ages of 1 day and 12 years, are provided with the following facilities:
Remittance of school or college fees | Payable at current rates |
Fund transfer from parents/guardians account to the children's account | Allowed at current interest rates |
Nomination Facility | Available |
RTGS and NEFT Facility | Free |
Banking Facilities | At all locations |
Age Group: Above 12 Years
Account holders of the Juniors India Savings account, who are above 12 years, are provided with the following facilities
Remittance of school or college fees | Payable at current rates |
Fund transfer from parents/guardians account to the children's account | Allowed at current interest rates |
Nomination Facility | Available |
RTGS and NEFT Facility | Free |
Banking Facilities | At all locations |
Issue of ATM cum Debit Card | With consent from parents or guardian |
Use of Internet Banking Facilities | With consent from parents or guardian |
Note: When the account holders of the Juniors India Savings Bank Account turn 17 (completion of 17 years), they can continue their account with the bank under Young India Scheme. When they cross the age of 25, they can then convert the account further to a normal City Union Bank Savings Bank account.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on CUB Juniors India Savings Account
- What is the CUB Junior India Savings Account?
The CUB Junior India Savings Account is a savings account by City Union Bank designed for children to help them start saving early and develop financial habits.
- Who can open a CUB Junior India Savings Account?
The account can be opened for minors from 1 day old up to 18 years, with parental or guardian consent.
- What are the balance requirements for this account?
The minimum balance required varies by account type, but typically ₹100 to ₹500 is required to maintain the account.
- Can minors operate the account independently?
Minors above 12 years of age may operate the account independently, subject to the bank’s terms and conditions.
- What documents are required to open the account?
Documents typically include the minor’s birth certificate, Aadhaar card, photograph, and ID/address proof of the parent/guardian.
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