Kerala Bank is all set to roll out the Vidhyanidhi deposit scheme for schoolchildren.
The scheme, meant for students in the 12-16 age group (Classes 7 to 10), allows them to open savings bank accounts in Kerala Bank. Chief Minister Pinarayi Vijayan will inaugurate the scheme at Hotel Mascot here on Monday.
Vidhyanidhi was designed to encourage saving habits among children and equip them to use their investment to finance educational requirements, Minister for Cooperation V.N. Vasavan said here on Friday.
The scheme offered special benefits to the account holder. Students holding Vidyanidhi accounts would have priority for educational loans. Other benefits would include free SMS alerts and ATM and mobile banking facility, waiver on DD charge (up to ₹5,000 a month, ₹30,000 annually), and free RTGS, NEFT, IMPS facility. Direct benefit transfer on scholarships offered by the Central and State Governments could be carried out through these accounts.
The students would have the option to continue with their accounts or close them once they pass out of Class X, the Cooperation Minister said.
As part of the Vidhyanidhi scheme, one parent, preferably the mother, could open a special privilege account that ensured an insurance cover up to ₹2 lakh. The first premium would be remitted by the Bank.
Minister for Cooperation V.N. Vasavan, Minister for General Education V. Sivankutty, Minister for Transport Antony Raju, and the Minister for Food and Civil Supplies G.R. Anil would be present at the launch.
