Canara Bank launches "SB Canchamp" for kids

Ahmedabad, Nov 14 (UNI) In a bid to inculcate a healthy ''savings habit'' among kids and pre-teens, Canara Bank launched an innovative 'SB Canchamp,' a savings bank account exclusively for kids aged from 0-12 years, on the occasion of Children's Day, here today.

''This scheme is first in Gujarat and we are launching the scheme all over Gujarat today in 15 schools spread over Ahmedabad, Surat, Vadodara, Rajkot, Anand, Navsari, and other places,'' said the bank's deputy general manager DA Kini.

''The idea behind launching this facility for kids is to develop a savings habit among them,'' he said.

The minimum amount to open the account is Rs 100 and the account should be operated at least twice every six months, and the amount deposited should be more than Rs 1000, he explained.

The account holder will be eligible for availing an educational loan for higher studies after the completion of their 10+2. In case the savings exceed Rs 15,000 there is an option of converting the excess amount into fixed deposit, Mr Kini elaborated.

The children would also get a box (hundi) for depositing money and a photo folder too, he added.

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