Student Plus Savings Bank Deposit Scheme

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Rate of Interest: 4.5%


A father/mother /legal guardian of a school going minor student is eligible to open and operate the account in the name of the student without the need of introduction for opening of the account.

Operational instruction:

  • On the attaining majority by the minor account holder, the account shall be treated as a general savings account subject to balance confirmationion and fresh specimen signature submitted by the titleholder.

  • The person operating the account on behalf of the title holder shall give standing instruction at the commencement of each academic year for payment by the bank of annual fees, monthly tuition fees, other periodic dues of the school, purchase of books, copies etc. from the balance available in the account.

  • The operator of the account shall provide at least such amount of funds in the account as is required for payment of the monthly fees/ periodic dues and other charges of the school by the bank regularly on his/her behalf.

  • The service will be extended at zero service charges.

  • Accounts where cheque facility is provided and where accounts statements are issued at regular intervals, the bank shall charges at concessional rate.

  • No account shall be closed before end of one academic year.

  • An account can be opened under the scheme on deposit of Rs.100/- only and that shall be maintained as minimum balance.