Canara Junior Savings Account
Canara Junior Savings Account scheme introduced by Canara Bank is valid for minors of age 10 years and above (Indian citizen). Declaration from the applicant's guardian/parents is a must. It allows the account holder to manage the account in his/her name and ability to operate their own money. Canara Junior Savings Account scheme was introduced for the purpose of getting the minors familiar with financial handlings and to develop a habit of savings in them.
The applicant has to submit the application form with correct details to the respective bank along with the declaration from the applicant's guardian/parents and two passport size photographs.
The address proof of the applicant such as Aadhar card, passport, Student ID etc is required.
Balance and transaction limit:
The account balance must not exceed Rs 50,000 at any point.
The transaction limit of Rs 10,000 is set for both deposits and withdrawals and the account holder is allowed to withdraw an amount of Rs 5000 per month.
The credit limit is set to Rs 1, 00,000 per annum.
Canara Junior Savings Account features and benefits:
The account holder is provided with a customized debit card with his/her full name on it.
Canara Junior Savings Account will still be valid even after the applicant reaches 18 years of age.
It benefits with a wide range of offers and loan facilities (for education as well), which can be taken up the account holder.
The applicant will receive notifications regarding the transactions made with the account via SMS also with the likes of E-info book where one can track all the account details.
The account holder's guardian/parents are allowed to check on the account details and also they can keep a track on spending made by the subscriber.
This type of account is applicable for paying off the account holder's school fees.