Canara Champ Deposit Scheme

What is the Canara Bank Champ Deposit Scheme?

The Canara Bank Champ Deposit Scheme is a children’s savings account. It is designed to build the early savings habit among young account holders and keeps the account maintenance requirements minimal for parents/guardians who want to manage the account for the child. When the child turns 18 years of age, it can be converted to a regular savings account.

The scheme may help eligible account holders avail preferential consideration under the bank's education loan scheme.

Features and Benefits of the Canara Bank Champ Deposit Scheme

Canara Bank Champ Deposit Scheme is a savings account in India that provides child-friendly features and practical benefits and motivates children to start savings early. It makes it easy for parents to plan financially for a child's future and keep banking operations simple.

• Open with only a minimum initial deposit of ₹100.
• Available for children up to 12 years of age.
• No minimum balance penalty.
• Joint accounts not permitted.
• No cheque books are issued.
• An amount exceeding ₹5,000 can be transferred to Kanara Deposit (KD) in the name of the minor to earn more interest. On maturity, the proceeds are credited back to the original savings account.
• Gifted cheques and demand drafts of up to ₹25,000 are collected free of cost.
• Eligible for preferential consideration under the bank's education loan scheme.
• Minimum two credits every half-year required, totalling ₹500 in rural or semi-urban branches and ₹1,000 in urban or metro branches, excluding interest
• After a child attains the age of majority, the account is converted into a regular Savings Account.

Eligibility and Documents Required

You should meet the eligibility conditions and submit the necessary documents to open this Canara Bank Savings Account for children.

Eligibility

• Children up to 12 years of age (11 years and 364 days).

Essential Documents

• Duly filled account opening application form.
• Two recent passport-size photographs.
• ID proof
• Address proof
• Any additional documents requested by the bank during verification.

How to Open the Canara Bank Champ Deposit Account

Canara Bank offers the Champ Deposit Scheme through branch mode.

• Go to the nearest Canara Bank branch with your documents
• Ask for the account opening form and fill it with accurate information
• Hand over the filled application form along with your passport-size photograph(s) and KYC documents to the bank employee
• The bank verifies the documents and processes your application
• After approval, you can get your account details and passbook

Account Conditions and Charges for Canara Bank Champ Deposit Scheme

Those comparing the best savings accounts for children can review the account conditions below. The account holders should maintain the minimum mandatory half-yearly credits according to the bank's instructions.