Ashirwad Scheme

ELIGIBILITY CRITERIA

• Minors aged 10 years and above can open an account.

Rate of Interest & CHARGES

• Rate of Interest is 3.00%* P.A.
• Saving Bank interest will be paid at quarterly intervals.

Charges

• SMS charges will be applicable.

Minimum Balance – 100/-

Transactions limit up to 50,000/- allowed.

REQUIRED DOCUMENTS

• Proof of Identity of the Minor: Birth certificate, Aadhaar card, or passport.
• Proof of Address of the Guardian: Recent utility bills, property tax receipts, or any official document bearing the guardian's name and address.
• Proof of Identity of the Guardian: Valid government-issued ID such as a passport, driving license, or Aadhaar card.
• Photographs: Passport-sized photos of both the minor and the guardian.

Who is a nominee?

A nominee is the individual who will receive the investment proceeds in case of an investor's demise. In other words, the nominee will be the recipient or the beneficiary of the investments, assets and other funds when their owner passes away.

Who can be a nominee?

Given the nature of this position, a nominee should ideally be a family member who is close to you, like your spouse, your children, or your parents. In some cases, you may assign the position of a nominee to someone else you trust as well, like a close friend.

In case your nominee is a minor, you will also have to provide the details of the minor's guardian, like their name, address and contact information.

Type of Nomination:

Successive – Next nominee will get the amount / contents of locker only if the earlier nominee is not alive.

Simultaneous – All nominees will get the amount together as per their share.

Maximum 4 Nominations are allowed in both cases.