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Terms & Conditions -
Isuru Minor's
Savings Plan

  1. When you open an Isuru Minors’ Savings Plan, you will be issued with a passbook where your transactions will be recorded. 

  2. As the depositor, please ensure that the Agreed Monthly Deposit (AMD) is paid without an interruption for the Agreed Period of Deposit (APD). These deposits will be recorded in the passbook when deposits are made.

  3. Online banking facility allows you to access the minor’s savings account 24*7 and funds can be transferred through this facility.

  4. Apart from cash deposits, you can also deposit cheques, which are drawn in favour of the Bank or drawn in favour of the minor. In case of depositing cheques to isuru monthly deposit account the amount of the cheque should be the exact amount of the agreed monthly instalment.

  5. If you fail to make monthly deposits for three months either consecutive or cumulative, the undertaking given by the Bank concerning the guaranteed sum to the beneficiary would cease. Whatever the balance available would then be converted to an Arunalu Children’s Savings Account at the discretion of the Bank and would be released to the beneficiary when he or she reaches the age of majority.

  6. You or the child will not be permitted to make any withdrawals during the agreed period of deposit.

  7. On your child reaching the age of majority, the Bank would pay the guaranteed sum less any taxes to him or her, upon furnishing the entitlement certificate and an acceptable form of identification.

 

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