- Arunalu Account is not a joint account. It is an individual account and will be in the name of the child. The child whose name the account is in, will be the beneficiary.
- Under normal circumstances, withdrawals will not be permitted until the child becomes a major. However, withdrawals will be allowed at the discretion of the Bank for essential purposes of the child and on the signature of the depositor.
- Arunalu Account can be opened with a minimum deposit of Rs 100/-. Accounts with balances lower than Rs 100/- may be closed by the Bank.
- To be eligible for the scholarship awards, your child’s Arunalu Account should have a minimum balance of Rs 5,000/-, on the date of the scholarship examination.
- Apart from cash deposits, you can also deposit cheques, drafts and money orders which are drawn in favour of the Bank. Please note that cheques, drafts and money orders which are not drawn in favour of the Bank will be accepted only at the discretion of the Bank.
- Interest will be calculated on the daily balance and credited monthly.
- When you open an Arunalu Minor's Savings Account, you will be issued with a passbook where your transactions will be recorded. Please inform the branch immediately if your passbook is lost, stolen or misplaced.
- Amounts deposited or withdrawn from the account will be recorded in the passbook by the Bank. Please examine these entries carefully and inform the Bank of any discrepancy before leaving the Bank so that any errors can be corrected at your presence.
- Your child (the minor) on attaining the age of maturity can claim the balance in the account after proving his or her identity to the satisfaction of the Bank. If the balance is not claimed within two weeks, the account will be converted to a Regular Savings Account in the name of the child and such converted accounts will be governed by the rules applicable to Regular Savings Accounts.
- If you have not submitted the birth certificate of your child at the time the account is opened, it should be produced at the time of claiming the balance.
- The Bank does not accept nor recognise trusts.
- The nominee appointed by the depositor at the time of opening the account will be considered by the bank as the depositor for all purposes in the event of original depositor's death, prior to minor attaining maturity
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