Canara NSIGSE Savings Bank Deposit Account

Canara Bank's new initiative - National Scheme Incentives to Girls for Secondary Education (NSIGSE) is introduced for the young girls of India who dream of going to schools to have a better education, and is especially for those belonging from schedule tribe/caste grop, who tend to drop out of school at an early stage. NSIGSE was introduced on the orders of the Ministry of Human Resources Development.

Eligibility criteria:

  • It is only applicable for those girls who have passed 8th standard and belonging to scheduled caste/tribe group.
  • Girls clearing their 8th standard examination from Kasturba Gandhi Balika Vidyalayas and enrolling to the next standard (9th) in government aided or state government schools for the year 2008-09.

Required Documents:

Canara NSIGSE Savings Bank Deposit Account application form has to be filled correctly and submitted to any of the respective Canara Bank branches.

  • The applicant needs to provide with a copy of school ID and two passport size photos. The school ID must contain all the information about the applicant, and should be attested by the school authorities.
  • Address proof of the applicant.
  • A no objection letter needs to be signed by the parents/guardian if the applicant is a minor.

Features and Benefits:

  • The account holder can access all the ATMs possessed by Canara Bank and use it to withdraw money from respective account.
  • This is a zero balance account scheme. Thus, the account will remain valid even after it has no amount in its possession.
  • Canara NSIGSE Savings Bank Deposit Account will still remain active even if there is no activity happening with the account like withdrawal and transactions.
  • It provides with the facilities like net banking, mobile banking, collection and deposition of cheques, cash withdrawals with withdrawal slips and other means of electronic channels for transferring cash into the account.
  • Cheque for lump-sum withdrawal can be issued after the minor turns 18 years of age.

Other facilities:

  • Account holder can instruct the bank to pay some amount at regular intervals to another's account.
  • It also provides with the features like transferring one's account from the existing branch to the other.
  • Nomination facility is also provided with this scheme.