IndusInd Bank inculcates savings habit among children with high return on their savings. By linking the Savings Bank Account with Flexi Recurring Deposit which is opened and operated by the guardian for the minor.
Features: Balance in Savings Bank account will be transferred to a Flexi Recurring Deposit on the last day of every month, leaving Rs.100/- in the account.
Opening Balance: Rs. 11/-
Interest Rate: As applicable to term deposits in the case of Recurring Deposit
TDS in Interest: Recurring Deposits are exempted from TDS
Deposit Tenure: 6 months to 120 months
Nomination facility: Available
Premature Closure: Allowed
You can open an Young Saver Deposit online. Click on the Apply Now button on this page, fill in your details and submit it. We will get back to you for further KYC process. Alternately, you can visit a branch and submit the Deposit Account form.
Average rating based on 5 ratings
1 out of 1 (100%) reviewers recommend this product
Review by mannesh dabhade, Jun | 2014
is it compulsory to close saving a/c to withdraw fund