Kiddoz – Exclusive Recurring Deposit for children between 0 to 14 years
To cater to new born as well as children up to high school levels, our bank is pleased to offer Kiddoz an exclusive Recurring Deposit account for children between the age group of 0 to 14 years.
Kiddoz enables parents to meet specific requirements of their children at each stage of their growth. The monetary value of Kiddoz a/c grows as the child grows.
Various other features of Kiddoz is as follows:
- The a/c will be opened by complying with KYC norms applicable for RD a/c of minor children jointly with parent/s as natural guardians.
- Helps parents to save regularly every month to meet future needs of their children
- Free counseling offered to parents on financial planning for their children
Bank will not deduct tax at source on interest accrued/earned on the Kiddoz. However, interest earned is liable for tax computation in the hands of the a/c holder.
- Customized Child Insurance plan is offered in association with our Insurance partners
- Invitation will be extended to the child to participate in painting/debate/Quiz & Indoor tournaments held by the bank from time to time
- Certificate of merit will be issued to children securing high scores in IXth & Xth Std
- Free career counseling workshop will be organized by the bank inviting experts to speak on career options available for children after their Std Xth
- Credit in the a/c can be by way of cash, transfer or standing instruction from Parents’ A/c. For cash deposits, all regulatory & AML norms will be followed.
- All other Terms & Conditions as applicable to general RD a/c will apply
- Kiddoz specifically for our children from the age of ‘0’ to ’14’ will enable parents to plan in advance for their child’s future in a systematic manner.