Family Welfare Account

  • Reinvestment deposit scheme. Interest accrues both on the principal and the interest thereon.
  • Minimum amount for opening the account is Rs.100/- Accounts may also be opened in odd sums.
  • Deposits are accepted for a minimum period of six months for periods in multiples of three months or in incomplete quarters

Features

  • The maximum period for which term deposits are accepted is 10 years
  • Nomination facility available

Exceptions

  • Deposits accepted under Court orders
  • Deposits in the names of minors for protection of minor's interest
  • In case of minors, accounts can be opened in the single name of the minor under guardianship, the deposit being repayable to him/her
  • In the single name of the minor under guardianship, the deposit being repayable to the guardian
  • In the name of the minor, jointly with the guardian, the deposit being repayable to them jointly /former or survivor/either or survivor