Corporation Bank Children’s Savings Accounts

The bank provides the Corp NewGen Account for students above 10 years of age and the standard Corp Saral Savings Account for minors to be opened jointly with a parent or guardian.

Corp NewGen Account

Targeted at young students.

Features

  • The account can be opened by any minor who is a student and over 10 years
  • Can be opened with a minimum deposit of Rs. 100. The average quarterly balance is also Rs. 100
  • Kids who open the Corp NewGen Account get a debit card, SMS and net banking facility, ability to make up to 5 drafts or postal orders a month and cheque collection facility for up to 2 cheques

Corp Saral Savings Account

The standard savings account available in the bank that can be opened by a representative of a minor.

Features

  • Parents or guardians can open the account on behalf of minors
  • The average quarterly balance needed is Rs. 1,000
  • As of July 2018, the bank offers an interest rate of 3.5% for a balance of less than Rs. 50 lakh and 4% for above that amount
  • Some facilities that come with the Corp Saral Savings Account include chequebook, SMS, internet and mobile banking, online funds transfer facility, and so on

Reference Facts

  • Corporation Bank Website: corpbank.com
  • Headquarters: Mangalore, Karnataka
  • Call Centre Number: 1800 425 2407