V Balika Savings Bank Account

Government of India have launched the National Scheme for incentives to girls for Secondary Education. Under the scheme the eligible girl student will receive Rs.3000/- deposited by the specified authorities alongwith interest accrued therein on compliance of the conditions specified under the Scheme. The main objective of the scheme is to reduce school drop-outs and promote the enrolment of girl child.

Our Bank has launched two deposit products for the purpose given below :

V-Balika Savings Bank Account

The Girl child below the age of 16 years (as on 31st March) under the following categories are eligible to open the account:-

  • All SC/ST Girls who pass class VIII
  • All Girls who pass class VIII examination from Kasturba Gandhi Balika Vidyalaya (irrespective of whether they belong to SC/ST)
  • Girl child should be unmarried
  • Girl child should enroll for Class IX in State/Union Territory Government, Government Aided or Local Body Schools in the academic year 2008-09 onwards

The account can be opened with zero balance and the interest on this account is as applicable to normal SB A/c of the Bank.

V-Balika Term Deposit Account (VSU Cumulative)

After receiving the incentive to the credit of V_Balika Savings Bank account of the child, the amount will be transferred to V Balika Term Deposit Account

Important features

Period of Deposit

  • The term/period of deposit will be counted from the date of deposit to the date on which the Girl Child attains the age of 18 years.

Rate of Interest

  • Interest (cumulative) as applicable to Domestic Term Deposits as on the date of issue of Deposit Receipt.

Further details can be obtained from the nearest branch of the bank.