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SB Champ

  • Eligibility: Only students are eligible for opening the account under SB Champ. Photocopy of valid student ID card shall be required besides proper KYC documents along-with the account opening form.
  • Students between the age group of 10 years to 24 years only are allowed to open accounts under SB Champ.
  • The account needs to be transferred to General Savings Bank Account at the time customer attains the age of 24 years.
  • Mode of Operation in accounts under this variant shall be Single (i.e. operated by the student customer herself/himself only). Joint accounts are not permitted under the Scheme.

 

Relaxations in service charges:

 

Sr. No. Services Charges applicable for General SB Account (excluding GST)Relaxations for SB Champ Account
(a) Average Monthly Balance Required Without cheque-book facility AMB: ₹500- with cheque-book facility AMB: ₹1000- AMB: NIL
(b) Demand Draft/ Pay Order Minimum ₹25-
Maximum ₹2500-		 6 free per calendar year (for study purpose only such as payment of tuition/other fee; registration fee, application fee etc.)
(c) SMS Alert charges ₹17- per quarter Free
(d) IMPS Minimum ₹2.50-
Maximum ₹15-		 Free
(e) One Time Debit Card Issuance Fee ₹100- Free
(f) Debit Card Annual Fee ₹45- per quarter Free
Note: All other service charges & other terms & conditions for SB Champ account shall be equivalent to those of General SB Account.