Janashakthi Junior Savings Account
Janashakthi Junior Savings Account
What is Janashakthi Junior?
Janashakthi Junior is a dedicated savings product designed for individuals below 18 years of age, aimed at encouraging early saving habits while building financial security for the future. It enables parents or legal guardians to save systematically on behalf of minors, while ensuring responsible management of funds until the child reaches adulthood.
Benefits of Janashakthi Junior Savings
- A dedicated savings account designed specifically for minors
- Encourages disciplined saving habits from an early age
- Operated by a parent or legal guardian for secure management
- Attractive interest rates to help grow savings
- Accessible via branches, with mobile banking integration coming soon
Eligibility Criteria
- Available to individuals below 18 years of age
- The account must be opened and operated by a parent or legal guardian on behalf of the minor
Minimum Deposit
- Rs. 500/-
Interest Rate Structure
- 7.5%
Special Features
- Withdrawals are not permitted until the child reaches 18 years of age
- Withdrawals prior to maturity are allowed only for essential purposes under exceptional circumstances, subject to approval
- Account operations are primarily limited to deposits to encourage long-term savings
- A passbook will be issued for account tracking
- Upon reaching 18 years of age, the account may be converted into a regular savings account, subject to KYC requirements and due process
Related FAQs
This account is available to individuals below 18 years of age and must be opened and operated by a parent or legal guardian on behalf of the minor, subject to KYC and regulatory requirements.
The account is operated by a parent or legal guardian on behalf of the minor, as the authorized signatory.
No. Joint minor accounts are not permitted. The account must be operated by a parent or legal guardian on behalf of the minor.
Withdrawals are not permitted until the child reaches 18 years of age. However, withdrawals may be allowed for essential purposes under exceptional circumstances, subject to approval.
Customers must provide standard KYC documentation. This includes the minor’s birth certificate, along with the NIC or other accepted identity verification documents of the parent or legal guardian, and proof of guardianship.
The account may be converted into a regular savings account once the minor reaches 18 years of age, subject to the completion of required documentation.
No. Deposits in this account cannot be used as collateral for any loan facility.
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