Small Savings scheme
At Kanjirapally Service Co-Operative Bank, we believe in fostering a culture of savings and financial literacy from a young age. Our Small Savings (Children's Savings Scheme) is designed to help parents and guardians inculcate the habit of saving in their children. This scheme provides a secure and rewarding way for children to save money and learn the importance of financial planning.
Key Features:
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Child-Focused Savings: A dedicated savings account tailored specifically for children, encouraging them to save regularly and understand the value of money.
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Attractive Interest Rates: Competitive interest rates ensure that the savings grow over time, providing a substantial amount when the child reaches maturity.
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Flexible Deposits: Parents and guardians can make regular deposits on behalf of the child, with the flexibility to deposit any amount as per their convenience.
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No Minimum Balance: The account can be opened and maintained without any stringent minimum balance requirements, making it accessible for all families.
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Passbook Facility: A passbook is provided to keep track of deposits and interest earned, helping children and parents monitor the growth of their savings.
Benefits:
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Financial Literacy: The Small Savings scheme is an excellent tool for teaching children the importance of saving money and managing finances from an early age.
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Secure Future: By saving regularly, children can accumulate a significant amount that can be used for their education, hobbies, or other future needs.
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Parental Control: While the account is in the child’s name, parents or guardians have full control over deposits and withdrawals, ensuring the money is used wisely.
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Tax Benefits: Depending on the prevailing tax laws, there may be tax benefits associated with the interest earned on the Small Savings account.
Eligibility:
- The Small Savings account can be opened for any child by their parents or legal guardians.
Documents Required:
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Birth certificate of the child
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Proof of identity and address of the parent or guardian
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Passport-size photographs of the child and the parent or guardian
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PAN card or Form 60/61 of the parent or guardian
How to Open:
To open a Small Savings (Children's Savings Scheme) account, visit your nearest Kanjirapally Service Co-Operative Bank branch. Our friendly staff will assist you in filling out the necessary forms and provide guidance on the documentation required.