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All girls between the age of 3 to 10 years are eligible under the scheme (Date of Birth Certificate required).
Saving Account with minimum balance of Rs.50/- shall be opened first.
Recurring Deposit shall be opened up to 13 years of age. A minimum amount of Rs.300/- and multiple of Rs.100/- in an R/D Account but maximum of Rs.10, 000/- P.M.
The Matured amount to be fixed in shape of Cash Certificate for Five years from the date of maturity of Recurring Deposit.
At the age of 18, the maturity amount shall be paid to the Girl.
Loan against Deposits:
Not allowed on Recurring Deposit.
Rate of Interest:
Current rate prescribed by the Bank on Recurring Deposit as well as Cash Certificate.
A/c can be opened by a minor through natural guardian i.e., father or mother or wherever applicable through guardian appointed by court.
TERMS AND CONDITIONS:
Loan against Fixed Deposit can be availed by the Girl only after undertaking from Guardian that Amount shall be used for the benefit of Minor, but after the age of 16 years.
Period of deposit shall be counted from the date of deposit to the date on which the girl child attains the age of 18.
Interest on overdue deposit is paid as per relevant policy of Bank/RBI from time to time.
As per Income Tax rules, Interest on Bank Deposits is exempt from Income tax up to a limit specified by Income Tax Authorities from time to time.
The other terms and conditions governing the scheme will be the same as applicable to other Term Deposit Schemes of the Bank.
Whether interest amount is taxable:
As per Income Tax rules. Interest on Bank Deposits is exempt from Income tax upto a limit specified by Income Tax Authorities from time to time. The depositor may furnish declaration in Form 15G/15Hpreferable at the commencement of financial year for receiving interest on deposits without deduction of tax.