1. What type of account it is?
It is a saving nature account aimed at saving the money for future welfare of children with interest rate of 6.5% p.a.(subject to change time to time as per management decision) payable quarterly.
2. Who can open this account?
Account can be open by children below the age of 18.
3. What is the minimum balance to be held in the account?
Minimum Balance is not required to open this account i.e. NPR 0.
4. What are the various features of account?
Maximum Age Limit/Target Customer
Children up to age of 18 years
6.5% p. a (subject to change from time to time as per Bank’s decision)
Quarterly on daily closing balance
Free issuance for first year
Free issuance for first year
Free up to 200K
Recurring Deposit Account opening facility
Customer can instruct to open RD account as per their wish with this account.
Issuance of Cheque Book and Account Statement
Free on demand
·Up to 4 times of annual average deposit or maximum of NPR 100,000 in case of accidental death of a parent for one time
·FD shall be open in the name of children from education claimant amount or can credited into saving account as per the wishes of children.
Monthly fee transfer facility among listed schools
Free Standing Instruction
·Special discount on Education Loan when minor turns into major
. Free cake delivery on birthday of child if minimum Rs. 5,000 average annual balance is maintained.
5. What are the documents required for opening Account under Super Chamatkarik Nani Babu Bachat Khata?
Following are the documents required for opening account under Super Chamatkarik Nani Babu Bachat Khata: -
· Duly filled up Bank's standard Account Opening Form along with KYC information/details
· Utility bill as applicable
· Duly filled up KYC information / details of guardian / parents
· 2 copy of passport size photo of child and Guardian; Birth Registration Certificate
· Copy of Citizenship Certificate/Passport/Driving license/Valid Voter lD of Guardian/Parents as issued by government.
· No Objection letter of Parents or a relationship certificate if guardian is other than one of the parents of the minor.
6. How will customer claim for Education Assurance?
Education Assurance benefit is provided in case of Accidental Death of parent for one time only.The Legal heir (Mother/Father or any person certified by District Administrator Office) of account holder will approach the Bank with application notifying account holder’s parent demise upon accident. On receipt of such application, branch shall obtain all the necessary documents and process for approval from the CEO. After the approval, Bank shall credit account of children with entitled amount in child account or can open Fixed Deposit in the name of child as per the wishes of the guardian.
7. What are the major document required to claim the Education Assurance?
Major documents required for claimant of Education Assurance is as below;
· Death Certificate
· Copy of citizenship certificate of parent and legal heir along with birth certificate of child
· Relationship certificate
· Police report (Sarjiwani Muchulka)
· Recommendation for payment from CDO to legal heir
· Postmortem report (if available)
· Other additional documents if asked by Bank at the time of claimant depends upon case to case basis.
8. How will customer get Birthday wishes and Cake?
On the occasion of birthday of account holder, NIC ASIA Bank will send birthday wishes messages on registered mobile number and cake to the registered address of the child.
9. Is scheme change to Babu Nani Bachat Khata free of charge?
Yes, it is absolutely Free.
10. Is Debit card facility provided under Super Chamatkarik Babu Nani Bachat Khata?
No. Debit card facility is not available under this Scheme.
11. Is joint account available under Super Chamatkarik Babu Nani Bachat Khata?
Joint account opening facility is not allowed in this scheme.