Tamilnad Mercantile Bank Children’s Savings Accounts

Tamilnad Mercantile Bank Children’s Savings Accounts

Tamilnad Mercantile Bank was established in 1921 as Nadar Bank with a focus on the eponymous community in the state. The bank has since then established a pan-India presence (except for the North-Eastern region) and has over 500 branches nationwide. It provides a dedicated savings account for children called the Little Super Star Savings Account.

Little Super Star Savings Account

Meant exclusively for kids in the 10-18 years age group, the account has been designed to habituate children to saving money.

Features

• Accountholders can withdraw up to Rs. 5,000 per day through ATMs. Guardian are given the right to lower this amount up to Rs. 1,000 if she so deems fit. The POS limit is capped at Rs. 2,500
• Tamilnad Mercantile Bank offers up to 10 complimentary ATM withdrawals and charges Rs. 10 for each withdrawal thereafter
• The maximum amount that can be put in the account or taken out per month is limited to Rs. 1 lakh
• The account needs a minimum average balance of Rs. 250. The bank limits the number of facilities it provides if this minimum balance is not maintained
• The ATM-debit card is offered free with the account
• Accountholders get complimentary personalised chequebook of 10 leaves every year
• One of the unique features of this account is that the bank has allowed both internet banking and mobile banking though the limit has been capped at Rs. 2,500
• The minor has to change the Little Super Star Savings Account into any of the standard accounts offered by the bank after she attains majority
• Kids with the account are allowed to be a part of the bank’s Happy Family Banking Account scheme if their other family members also bank with Tamilnad Mercantile Bank

Reference Facts

• Tamilnad Mercantile Bank Website: tmb.in
• Headquarters: Tuticorin, Tamilnadu
• Call Centre Number: 1800 425 0426