The Hindu Business Line : Andhra Bank re-launches Kiddy scheme

Hyderabad May 29 Eyeing an untapped segment of customers - school kids, Andhra Bank will be launching a campaign in schools across the country to mobilise Kiddy Bank accounts from next month.

"Our branches across the country will go to schools in their respective regions to mobilise Kiddy Bank accounts," Mr K. Ramakrishnan, Chairman and Managing Director, Andhra Bank, told newspersons after re-launching Kiddy Bank accounts for children here on Tuesday.

As per the re-launched scheme, children in the age group of one month to 18 years (only minors) are eligible to open accounts.

An attractive doll would be given to the account holders free-of-cost for keeping their savings. It contains a secret lock, which can be opened only at the bank. After posting the saved amount in the accounts, the locked doll would be given back to the kid for subsequent savings.

"We will also give ATM cards for those minors who are above 12 years. They can operate their accounts on their own,'' the Chairman said. For minors below 12 years, their natural guardians should open and operate the account.

UTI Mutual Fund tie up

The bank had also tied up with UTI Mutual Fund to provide UTI Children Growth Fund for Kiddy Bank account holders. There would also be an option of accident insurance cover for the child and parent.

On the targeted number of accounts, Mr Ramakrishnan said: "We are not targeting any specific number but are very keen on promoting the product."

Over 500 kids from different schools in the city and other senior bank officials were present in the launch function.

More Stories on : Public Sector Banks | Strategy | Children & Parenting

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