On July 7, 2020 Fino Payments Bank Limited launched ‘Bhavishya‘, a savings account scheme for minors aged between 10-18 years.
The subscription-based savings account aims to inculcate banking and saving habits in children’s.
The Bhavishya Savings Account can be only opened through the Electronic-Know Your Customer (e-KYC) mode.
The annual Subscription charges for the account is Rs.349 (inclusive of Goods and Service Tax-GST)
The maximum threshold limit of the account is Rs. 50,000.
The Accidental Insurance/Permanent disability cover of Rs.2 Lakhs is facilitated with Rupay Platinum Debit Card and Rs.1 Lakh cover on Rupay Classic Debit card.
The bank will initially introduce the account in Uttar Pradesh (UP), Bihar, and Madhya Pradesh (MP) and then gradually in other states.
The bank is likely to open around 1 lakh accounts by the end of FY21
.PNG)