THIRUVANANTHAPURAM: The Kerala Bank has announced the Vidyanidhi investment scheme for children. The scheme is for children studying in classes 7 to 12. It will encourage saving habits among children and also finance their education needs, the bank said in a statement.
Under the scheme, children between the ages of 12 and 16 can open a savings bank account. The benefits of the account holders include free SMS alerts, waiver on DD charge, free RTGES, NEFT, IMPS services, priority for education loan, waiver on service charge, free ATM card and mobile phone banking.
Various scholarships of the state and the Central governments will be channelled through the accounts. A parent of the child, preferably mother, can open a special privilege account. They will also get insurance coverage of up to Rs 2 lakh.
The first premium will be paid by the bank. Chief Minister Pinarayi Vijayan will inaugurate the scheme at Mascot Hotel on November 29. Cooperation and Registration Minister V N Vasavan will preside over. Education Minister V Sivankutty will deliver the keynote address. Bank president Gopi Kottamurickal, general education secretary A P M Mohammed Hanish and cooperation secretary Mini Antony will attend.