statebankoftravancore.com Little Star Savings Deposit : SBT State Bank of Travancore

Organization : State Bank of Travancore
Facility : Little Star Savings Deposit

Little Star Savings Deposit : http://www.statebankoftravancore.com/portal/deposit-schemes#littlestar
Home Page : http://www.statebankoftravancore.com/portal/home

Little Star Savings Deposit :

Product Name : SBT Little Star Savings Deposit
Eligible Applicants :
** A minor of any age upto 18 years through his/ her natural or legally appointed guardian can open the account. Natural guardian can be either father or mother.

Related : SBT Internet Banking : www.statusin.in/22077.html

** A minor with an age of 10 years and above can open the account in his own name.

Basic nature of deposit : Savings bank deposit for children targeting 1-18 years
KYC norms : To be complied with

Mode of operation :
** The account will be opened in the name of the minor child represented by the natural guardian (father or mother) upto the age of 10 years.
** From 10 years and above, the account may be independently operated by the child.
** In case of accounts opened in the name of minor represented by legally appointed guardian, the operations in the account by the legally appointed guardian till such time the minor attains majority ( 21 years in such cases)
** Joint Account allowed with parent

Initial Deposit for opening the account : Rs.250/-
Minimum Balance to be maintained in the account : No Minimum Balance in the account.

Maximum permitted balance in the account :
** Rs. 2.00 lacs for the children of 10 years and above upto 18 years if opened in their sole name.
** If the account is opened in the name of the children represented by parents the maximum balance allowed in the account is Rs.20.00 lacs.
** If the account is opened as joint account in the name of the children and parent – no limit.

Rate of interest : As applicable for Savings Bank, presently 4% p.a
No of credits allowed in the account : No limit

Migration of Account :
On attaining 18 years of age, the account holder has to submit the full KYC to the Bank.
** Confirmation of the balance in his/ her account.
** Fresh specimen signatures
** Latest photograph
** Copy of PAN Card or Form 60/61(whichever is applicable)
** Proof of date of birth, ID and address
** A request to permit operation in the account as a major account (As per Annexure B)

Cheque book facility :
Cheque book may be issued, provided the minor account is not overdrawn and always remains in credit. The account holder should be able to sign uniformly all the time. However, cheque book to be issued only to those children of the age of 10 years and above.

ATM cum Debit Card :
ATM cum Debit card may be issued to children of age 10 years and above, free of cost. However annual maintenance charges to be recovered. Duplicate card may be issued ,at cost.

Internet banking :
Internet banking will be provided to children of 15 years with right to view only. Transaction rights will be provided when the child attains 18 years.

Transactions available free of charges :
Deposit and withdrawal of cash at Branches is free. Withdrawal of Cash at State Bank Group ATMs – free. Receipt/ Credit of amounts through electronic payment channels by the State/ Central Govt.- free.

Collection of cheques :
Allowed with normal charges; however the cheques should be drawn by Central/ State Govt. or their agencies or prepaid instruments.

Instant credit of cheques :
Allowed only for cheques drawn by Central/ State Govt/ Departments.

Demand Drafts :
Remittances for all sorts of fees including examination fees at free of charges, if routed through the deposit account.

Nomination facility :
Upto 10 years: The parent / guardian representing the minor can indicate nominee for the account.
10 years to 18 years: In case of accounts in the sole name of the minor, the nomination shall be made by a person lawfully entitled to act on behalf of the minor (i.e parent or guardian)

Pass book : Available
Standing Instructions : Allowed for transfer of amount to Twinkle Recurring Deposit account or any such savings accounts.