The Meghalaya Co-Operative Apex Bank Ltd. offers a Minor Scheme Account designed to encourage the habit of saving among children and help parents or guardians manage funds for their wards' future needs.
Key Features:
- Eligibility: Available for minors below 18 years of age. The account can single in the name of minor above 10 years to the age of 18 years or Jointly with natural guardian (father /mother)/legal guardian.
- Minimum Balance: Nominal initial deposit; low minimum balance requirement to make it accessible for all families.
- Interest: Attractive interest rates, similar to regular savings accounts, credited quarterly.
- Mode of Operation: The account can be operated by.natural guardian father/mother)/legal guardian in case of minors below 10 years of Age. Minors aged 10 years and above may operate the account independently with natural' guardian(father/mother)/legal guardian consent or jointly with either of the natural guardian (father /mother)/legal guardian.
- Passbook/Statement: Regular updates provided to monitor the account and instill financial awareness in the minor.
- Education-Oriented Saving: Ideal for building a fund for educational expenses and other future needs of the child.
Benefits:
- Encourages early savings habits and financial literacy in children.
- Helps parents plan for their child’s educational and personal development.
- Safe and secure banking with a trusted cooperative institution.
For more details or to open a Minor Scheme Account, visit your nearest branch of The Meghalaya Co-Operative Apex Bank Ltd.
