US DOLLAR 1 Buying 106.60 Selling 107.20
GB POUND 1 Buying 131.85 Selling 133.52
SWISS FRANC 1 Buying 105.36 Selling 106.42
AUSTRALIAN DOLLAR 1 Buying 81.50 Selling 82.32
CANADIAN DOLLAR 1 Buying 81.09 Selling 81.91
SINGAPORE DOLLAR 1 Buying 75.56 Selling 76.33
HONGKONG DOLLAR 1 Buying 13.68 Selling 13.81
JAPANESE YEN 10 Buying 9.47 Selling 9.64
EURO 1 Buying 112.06 Selling 113.19
CHINESE RENMINBI 1 Buying 15.46 Selling 15.62
THAI BHAT 1 Buying 3.04 Selling 3.08
KOREAN WON 10 Buying 0.93 Selling 0.95
SAUDI RIYAL 1 Buying 28.30 Selling 28.59
QATARI RIYAL 1 Buying 29.15 Selling 29.44
The new scheme has been launched with an objective to mobilize small deposits from youngsters in the form of regular savings for their future investments. This scheme is most suitable for accumulating regular small savings into handsome amount and one can plan for a large investment in future. Even parents can open the account in the name of their children to accumulate fund to finance higher studies of the children.
· Children in the age between 1 day to 16 years
· Additional 0.50% interest rate will be provided over the normal rate as Education Bonus to the children. (The branch shall input 0.50% at A/c Preferential Cr. at the time of opening the account).
· This account has been linked with CSR initiative and thus, the bank will provide Rs.5.00 for every account to raise fund for helpless & needy people. Every year on annual day function, the fund will be donated to Orphan house/Schools/child activists etc.
· Account can be opened in the name of the children under guardianship of the Parent.
· More than one account can be opened.
· Having savings account of the parent/child is essential from which monthly installment will be debited after receiving standing instruction authority.
· Minimum monthly installment of Rs.1,000.00 to Maximum Rs.10,000.00 (in multiples of thousand)
Interest Rate: As per Normal Fixed Deposit rate
Period: Minimum 1 year to maximum 10 yrs (in multiple of 1 year)
· At maturity, the depositors will get the predetermined amount which include principal amount along with interest calculated on daily basis & compounded on quarterly intervals. (The branches will be provided with the excel sheet by ICT Department for calculation of maturity value).
Late Deposit Charge: In case of late deposit of monthly installment, penal charge of Rs.50 will be levied per installment.
Premature Withdrawal: In case of payment before maturity, interest payable in respect of such deposit shall be 1% less than the rate applicable for actual deposit period or at contracted rate, whichever is lower.
· Depositors may borrow up to 90% of their accumulated deposit at interest rate of 1.5% above the deposit rate besides premature withdrawal facility completely for the benefit of the child.