Banking facility for kids

A special banking facility for children and teenagers was introduced by Andhra Bank on Friday, marking the 125 birth anniversary of the first Prime Minister of the country Pandit Jawaharlal Nehru. The banking facility would enable them open accounts.

GSV Krishna Rao, zonal deputy general manager, Andhra Bank, Vijayawada, said, “The scheme was launched across the country with an objective to encourage money saving habits among children and teenagers. Minors and teenagers can open bank account with a minimum balance of Rs 500.”

For children aged between 10 and 14, parents or a guardian can operate the account and the account holder will be eligible for the specially customised savings passbook. However, teenagers can independently operate their savings bank account.

“Teenagers will get personalised ATM-cum-debit card and they can also avail internet and mobile banking and funds transfer facilities,” Rao explained.

He said that bank officials had already visited schools in the city and educated students about the importance of the scheme. He added that the bank authorities had uploaded the data of over 93,071 loan waiver beneficiaries in Krishna district, while the list carrying details of over 5,000 people was sent back for want of ration card details of the beneficiaries.

“We are hopeful of completing the entire process by Saturday,” he said, adding that the bank was ready to sanction new loans to the eligible candidates.