Pragathi Krishna Gramin Bank, headquartered here and having jurisdiction over 11 districts, will launch Junior ATM Rupay Debit Cards for school students aged above 10. It would help inculcate saving habits among them, M.G. Bhat, chairman of the bank, told presspersons here on Wednesday.
Pragathi Krishna Gramin Bank will become the first regional rural bank and one among a few commercial banks in the country to introduce banking for school students.
A child could open a savings bank account in any of the 632 branches of the bank by submitting an application form with a passport size photograph, a declaration-cum-no-objection from the guardian, a certificate from the school authorities, and ‘know your client’ documents from the guardian.
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The account could be opened with zero balance and a pass book would be allotted. The account could be converted to a normal account by fulfilling simple formalities when the child turns 18, he said.
The card could be used to draw cash up to Rs. 5,000 a day and also make payments up to Rs. 2,000 at point of sale. The guardians would receive SMS alerts to their registered cellphones.
The guardians could remit amounts to their children’s account through NEFT/RTGS/Mobile banking as and when required.
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He said that 35,000 cards would be distributed simultaneously in bank branches from Thursday. G.R. Chintala, chief general manager, regional office of the National Bank for Agriculture and Rural Development, Bengaluru, will launche the scheme in Ballari at St. Philomena High School. S.S. Bhat, chief general manager, Canara Bank, Bengaluru, and Pushpinder Singh from the National Payments Corporation of India, Mumbai, would be present.