The SISHU MANGAL DEPOSIT SCHEME was launched on 14th November 1988, the birth centenary of Pandit Jawaharlal Nehru. The scheme is meant for the welfare of children.
Under the scheme, the account will be opened in the style of Minor Account under guardianship. A pre-determined amount has to be deposited as per the chart provided from time to time which will grow to Rs.5000/- or its multiple at the expiry of 6 years at the option of the depositor. However, no deposit will continue after the child attains 21 years of age.
A predetermined amount as per the chart provided from time to time is to be deposited. Accordingly the depositor has to deposit a predetermined amount indicated in the chart for a maturity value of Rs.5000/-. For higher multiples of the maturity value, corresponding multiples of the deposit amount is to be deposited. There is no maximum limit for investment under this scheme.
Any citizen of India being a Minor in the age group 1-15 years can open an account under guardianship under this scheme.
The rate of interest applicable is as per the prevailing rate of interest offered by the Bank at the time of opening of the account with quarterly rests.
Passport (along with validity details like date of expiry.
Voter ID Card
Identity card with photo issued by: Central Government and its departments, State Government and its departments, Statutory / Regulatory Authorities, Public sector undertakings.
Bank Passbook / statement.
Latest electricity bill or Landline Telephone bill (atleast 3 months old).