Family Welfare Account

Family Welfare Account

Don't just put your money to use. Put the money you earn on your money to use as well! Ok, we are not talking alchemy out here, although it might seem as much! CSB's Family Welfare deposits are reinvestment deposits that take the returns earned on your deposit and reinvest them. Both the principal and the interest earned will start earning interest! Add in a few magic drops of compounding and you are on your way to bumper growth, risk-free!

Features

  • Minimum amount for opening the account is ₹100. Accounts may also be opened in odd sums.
  • Deposits are accepted for a minimum period of six months.
  • The maximum period for which deposits are accepted is 10 years.

Benefits

  • Interest accrues both on the principal and the interest thereon.
  • Nomination facility available

Exceptions

  • In the single name of the minor under guardianship, the deposit being repayable to the minor.
  • 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.

- Deposits accepted under Court orders.

- Deposits can be opened in the name of minors for protection of the minor's interest. Such deposits can be: