TAMIL NADU

Savings scheme for children

FOR THRIFT: Bishop James Srinivasan handing over a saving scheme kit to a school student. The Deputy General Manager of Canara Bank, S. Nagarajan, right, is also seen. Photo: R. Ashok

FOR THRIFT: Bishop James Srinivasan handing over a saving scheme kit to a school student. The Deputy General Manager of Canara Bank, S. Nagarajan, right, is also seen. Photo: R. Ashok  

Staff Reporter

Children can open an account with a deposit of Rs.100

TIRUCHI: In an attempt to press upon the importance of savings right at the school level, Canara Bank has introduced `CANCHAMP' an innovative saving scheme for children.

The new scheme, which was inaugurated at a function held at the St. John's Vestry Anglo-Indian Higher Secondary School in the city on Tuesday, was a gift of the Canara Bank to the school students, on the Children's Day. Under this scheme, children below 12 years of age could apply for a savings account with a minimum deposit of Rs.100.

Briefing more on the scheme, the Assistant General Manager of Canara Bank, Tiruchi Circle, S. Annamalai, said nomination facilities are available but joint account could not be created. As a special offer, no collection fee will be deducted for cheques addressed to the holders. Bank transactions must be made at least once in six months to maintain an active account.

Stressing the need for developing an aptitude for savings, the Deputy General Manager of Canara Bank, Tiruchi Circle, S. Nagarajan said the active account holders would be given first priority when they apply for educational loans after their high secondary education.

Inaugurating the scheme, Rev. Bishop James Srinivasan encouraged the students to utilise the opportunity as this would serve as an effective economic foundation for their higher studies.

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