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    10th Jul, 2020
  • 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

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