Andhra Bank introduced a separate banking facility for the ‘Gen Next’ enabling them to open their accounts on Friday, marking the 125 birth anniversary of the first Prime Minister of the country Pandit Jawaharlal Nehru.
Announcing this at a media conference here, Andhra Bank, Vijayawada, Zonal Deputy General Manager G.S.V. Krishna Rao said that the scheme was launched across the country with an objective to encourage money saving habit among children and teenagers. Minors and teenagers could open bank account with a minimum balance of Rs.500, he said.
For children aged between 10 and 14, parents or guardian could operate the account and the account holder would be eligible for specially customised savings bank pass book. However, teenagers could independently operate their savings bank account. “Teenagers will get personalised ATM-cum-debit card and they can also avail internet and mobile banking and funds transfer facilities,” Mr. Rao explained.
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He said that the bank officials had already visited schools in the city and educated students about the importance of the scheme. Replying to a question, he said the bank authorities had uploaded the data of over 93,071 loan waiver beneficiaries in Krishna district, while the list carrying details of over 5,000 people was sent back for want of ration card details of the beneficiaries.
“We are hopeful of completing the entire process by Saturday,” he said, adding the bank was ready to sanction new loans to the eligible candidates.