With a view to enhancing financial inclusion of the country by ensuring the participation of school students in the economic viz-a-viz banking activities through savings and creating savings attitude among students, Padma Bank has taken significant initiatives to provide school banking services throughout Bangladesh with its 58 branches and now it is proposing a full-fledged Product Program Guideline on student banking titled
“My Digital Account”.
Target Customers:
Student Aged 6 years but below 18 Years
Citizenship: Both the Account Holder and Guardian/Legal Guardian will be citizen of Bangladesh
Operation of the Account
- The School Banking account have to be operated through father/mother or Legal Guardian of the students.
- The account has to opened jointly with Student and Legal Guardian (s). For example: Minor should be First Applicant and Legal Guardian(s) will be the second applicant
| Title
| Description
|
| Date of Opening |
The account can be opened in any date of the month in any branch. |
| Tenure |
Student’s age below 18 Years |
| Interest Rate |
5% |
| Minimum Investment Amount |
Minimum Initial Deposit: Tk 100 |
| Maximum Transaction Limit |
Unlimited |
| VAT and Excise Duty |
VAT, Excise duty and other applicable charges will be deducted as per the prevailing policy and rules |
| Amendment of clause/conditions |
The Bank reserves the right to change any clause/conditions as and when required according to Government’s updated policy, guidance. |
Core Features of the Account
- Savings Deposit Account
- Free Personalized Cheque book will be issued to the Guardian in the name of minor
- Any Deposit Scheme (FDR/Schemes) can be opened by transferring from the school banking account
- Collection of monthly fees from students on behalf of educational institutions. In that case an agreement will be signed with the educational institution
Special Features/Facilities
- Attractive Debit Card in the name of minor (Maximum monthly withdrawal limit through ATM and POS will be Tk 5,000)
- Free SMS alert in the Guardian/Legal Guardian’s number will be available
- Free Internet Banking will be available
- School Banking Counter/ Desk for Cash Deposit/Withdrawal along with other banking services
- Collection Booth in premises of Educational Institution on a fixed day upon understanding/agreement with the institution
- All kinds of scholarship/stipend of students can be deposited through School Banking Account upon signing MoU with the Institution
- Education Insurance (may be available)
| Title |
Description |
| Required documents to open the account |
| Proper KYC of both the account holder and account operator must be ensured. |
| Birth Certificate of the student (attested photocopy) |
| Institutional Identity Card/Certificate by Educational Institute or Receipt of School Fees of Last month |
| 2 Passport size photographs of the minor (account holder) |
| 2 Passport size photographs of legal guardian. |
| National ID Photocopy of Legal guardian |
| Nominee photo 1 copy & NID Photocopy |
|
| Closing of the Account |
| Whenever account holder (student) will turn into 18 years, the account will be transformed into regular Savings Account with his/her consent and then will be continued. |
| In case of converting into Savings Account, full KYC must be accomplished and others declaration letter with TP must be obtained. |
| After completing eighteen (18) years of the account holder and before converting into a regular savings account, no withdrawal will be allowed (except account closure) in that period |
|
