India’s first commercial bank - the Central Bank of India, has recently launched the Cent Bal Bhavishya Savings Account, where parents and guardians can open a savings account for their child to save for their future.

Features :

The initial deposit to open a Cent Bal Bhavishya Savings Account is Rs.50 for minors from rural areas and Rs.100 for minors from urban areas.

For minors holding a Cent Bal Bhavishya Savings Account, at least one deposit has to made a month and the average deposit every six months should be a mandatory sum of Rs.500.

For minors from urban areas, one deposit is mandatory per month with an average deposit every six months of Rs.1,000.

There is no limit to the number of deposits the parents or legal guardians of the child can make

Having said that, no withdrawals can be made before the child turns 18 as the purpose of this type of savings account is to save for the future of the child.

Any amount in excess of Rs.10,000 can be converted into a term deposit.

Parents can convert the savings in the account into a fixed deposits, thereby attracting a higher interest rate than that of a savings account. This feature can be availed any amount of times till the child turns 18-years-old.

For one-time deposits, the bank pays an additional 0.5% interest towards the sum. This only applicable if the child is still a minor.

No cheque book or ATM debit card is given for this type of savings account.
The interest rate for the Cent Bal Bhavishya Savings Account is at 4% per annum.

Eligibility :

Any minor that is an Indian resident and up to the age of 12 can open a Cent Bal Bhavishya Savings Account.
The account has to be opened by the parents or guardians of the minor.

For more Information you may Visit the Nearest branch of the Cent Bal Bhavishya Savings Account