Canara NSIGSE Savings Bank Deposit Account

Canara NSIGSE Savings Bank Deposit Account
Product Nature Promote admission of ST/SC girl child into Secondary Schools
Interest Rate 2.90% to 3.20%
Balance Requirement Zero-balance account

Canara NSIGSE Savings Bank Deposit Account aims to reduce school dropouts and promote the girl child of ST/ SC category to enroll in secondary school classes. The product is specially designed for girls, which shall cater needs of the SC/ ST category girls. This deposit scheme is according to the directives of MoHRD (Ministry of Human Resources Development). The account holder gets the facilities such as a Passbook, cash withdrawal and deposit, Standing Instruction, nomination, transfer of the account, and more.

In this post, we will discuss Canara Bank NSIGSE Savings Account features, eligibility, the application process, deposit and withdrawal guidelines, minimum balance, KYC requirements, guardianship, facilities, nomination, benefits, and FAQs.

Features of Canara NSIGSE Savings Bank Deposit Account

Here are the Canara NSIGSE Savings Bank Deposit Account features:

  1. Eligibility: Girls falling under the following categories are eligible for this type of account
    • All girls having passed 8th standard belong to the SC/ ST community.
    • All girls (irrespective of category) having passed 8th standard from Kasturba Gandhi Balika Vidyalaya who enroll for further studies i.e., class IX in schools owned/ operated by state/ UT Govt., local body or Govt. aided schools for the year 2008-2009 onwards.
    • The beneficiaries under this scheme shall be identified by identified Implementing Agencies viz. Schools controlled and managed by State Govt., Panchayati Raj institutions, State/ UT Govt., Aided private schools and Local Bodies.
  2. Application: One can apply for Canara NSIGSE Savings Bank Deposit Account through a prescribed application form set by the bank along with the submission of two recent passport-sized photographs of the applicant. The applicant is supposed to fill the application form and submit the same with the bank officials along with the applicable documents requested by the bank. A set of photocopies of all the necessary documents should be carried to the bank along with original documents for opening a Canara NSIGSE Savings Bank Deposit Account.
  3. Deposit/Withdrawal Guidelines: The bank shall not issue a cheque book in the name of the holder till the age of at least 18 years is attained. Cash can be withdrawn from the account through a withdrawal slip at the branch only.
  4. Minimum Balance: The bank does not have any stipulation for the requirement of minimum balance/ minimum average balance in the account. The account shall not attract any fee/ charge even if there is a NIL balance for any period.
  5. KYC Documents Requirements: KYC stands for Know Your Customer. These are the documents that help the bank to identify the customer as they are unique for every individual. Apart from regular KYC documents such as Aadhaar Card, PAN card, etc., the students intending to open accounts under this scheme are required to furnish their school identity card, date of birth proof, and authorization from the school.
  6. Guardianship: The natural guardians of the applicant are required to submit a declaration cum no objection certificate stating that the minor has got sufficient knowledge and skills to operate the bank account. All the guidelines relating to a normal minor account shall also apply to this account.
  7. Available Facilities:
    • Deposit and withdrawal of cash
    • Receipt of money through electronic channels, cash, and cheques.
    • The bank shall not levy any charge for not operating the accounts under the Canara NSIGSE Savings Bank Deposit Account scheme. The accounts not operated by the holder shall be classified as inoperative after no operation in the account for 2 years or more.
  8. Nomination: The nomination facility is applicable as a normal savings account. This allows the account holder to nominate any person from the family/ blood relation to receive the amount lying in the account in case of the death of the account holder.
  9. Other Provisions:
    • A complimentary passbook is issued to all the accounts under this scheme.
    • Standing instructions can be issued as per the customer’s request.

Canara Bank NSIGSE Savings Account Scheme FAQs

Here are the frequently asked questions:

Girls studying in private schools are also excluded from Canara NSIGSE Savings Bank Deposit Account since such schools often charge a higher fee and hence the parents/ guardians of these students can afford the education of the child.

Married girls are excluded from the purview of the scheme.

There shall be no restriction in the scheme based on income criteria.

Students pursuing education from central schools are excluded from the scheme as such students are either wards of central government employees or are fully provided for already, who can afford higher education of the wards by themselves without any outside assistance.

The account under the scheme Canara NSIGSE Savings Bank Deposit Account can be transferred from one branch to another.

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