J&K Bank Announces Mehandi Deposit Scheme For Girls & Boys Through Parents
Jammu And Kashmir Bank Announces Mehandi Deposit Scheme For Minor Girls & Boys Through Parents/Guardian
Features & Benefits
- Deposit Amount : Depends on tenure & maturity amount chosen.
- Tenure : 5, 7, 10, 12 or 15 years.
- Maturity amount : Rs 25,000, Rs 50,000 or Rs 1, 00,000.
- Interest rate : Fixed.
- Interest application : Quarterly Compounding basis.
- Interest payouts : On maturity.
- Add-ons : Accidental Insurance Cover (linked to maturity amount) for parent/guardian.
- Loan Facility: Available up to 90% of deposit and interest accumulated.
- Premature withdrawal : Allowed with penalty.
Eligibility
- Minor girls / boys through parents/ guardian
Documents Required
- Application Form
- Photograph of Parent/ Guardian (2 copies)
- Documents as per KYC Norms(of Parent/ Guardian)
- Minor’s birth certificate
- Guardianship proof for Legal Guardian (Court Decree)
- Minor Declaration signed by the Parent/Guardian
FAQs
Who can open an account under Mehandi Deposit Scheme?
Accounts under this scheme can be opened in the name of minor jointly with Parents/ Guardian..
What is the amount required for opening an account under the Mehandi Deposit Scheme?
- The deposit amount depends on the combination of maturity amount and tenure chosen by the depositor.
What are the maturity amount options available under the Scheme?
- You can opt for any of the 3 maturity amount options available-Rs 25,000, Rs 50,000 & Rs 1,00,000.
What are the tenures for which the accounts can be opened?
- You can open an account for 5, 7, 10, 12 or 15 years.
Is interest under this scheme applied on Simple or Compound basis?
- Interest compounded quarterly is provided under this scheme.
What are the value additions offered under this scheme?
- Accidental Insurance Cover (linked to maturity amount) is available under the scheme for parent/guardian.
Can I withdraw my deposit prematurely?
- Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals.
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