- Deposit Amount Depends on tenure & maturity amount chosen.
- Tenure 5, 7, 10, 12 or 15 years.
- Maturity amount Rs 25,000, Rs 50,000 or Rs 1, 00,000.
- Interest rate Fixed.
- Interest application Quarterly Compounding basis.
- Interest payouts On maturity.
- Add-ons Accidental Insurance Cover (linked to maturity amount) for parent/guardian.
- Loan Facility Available up to 90% of deposit and interest accumulated.
- Premature withdrawal Allowed with penalty.
Minor girls / boys through parents/ guardian
- Application Form
- Photograph of Parent/ Guardian (2 copies)
- Documents as per KYC Norms(of Parent/ Guardian)
- Minor’s birth certificate
- Guardianship proof for Legal Guardian (Court Decree)
- Minor Declaration signed by the Parent/Guardian
Who can open an account under Mehandi Deposit Scheme?
Accounts under this scheme can be opened in the name of minor jointly with Parents/ Guardian..
What is the amount required for opening an account under the Mehandi Deposit Scheme?
The deposit amount depends on the combination of maturity amount and tenure chosen by the depositor.
What are the maturity amount options available under the Scheme?
You can opt for any of the 3 maturity amount options available-Rs 25,000, Rs 50,000 & Rs 1,00,000.
What are the tenures for which the accounts can be opened?
You can open an account for 5, 7, 10, 12 or 15 years.
Is interest under this scheme applied on Simple or Compound basis?
Interest compounded quarterly is provided under this scheme.
What are the value additions offered under this scheme?
Accidental Insurance Cover (linked to maturity amount) is available under the scheme for parent/guardian.
Can I withdraw my deposit prematurely?
Yes, but penal interest, as applicable, shall be charged on such pre-mature withdrawals.