Q1. Who can subscribe to iSave?
Any minor child of a PECCU member
Q2. What is the limitation of age?
The plan is open to all children between 1 day old and 18 years
Q3. How savings are paid into the account?
Parents may opt for direct debits from their bank account, check off facility of the employer or cash deposits. Cash should not be sent by post. Money order service is preferred.
Q4. What is the minimum amount of deposit to become an account holder?
The minimum amount of deposit is Rs. 50. Parents are encouraged to maintain a regular payment plan on a monthly basis to gain full benefit. Contributions in multiples of Rs. 50 are recommended.
Q5. Can deposits in lump sum be made?
At any point in time a deposit in a lump sum can be made. If deposited in the bank account of the Society, the particulars of the transaction should be communicated to the Secretary. A copy of the deposit slip is to be sent to him.
Q6. How to apply?
iSave application forms are obtainable from the Secretary and Board Directors.
Q7. What are the documents to be produced?
The original of the birth certificate of the minor and a copy thereof are to be produced at the time of application. The copy will be retained as records.
Q8. How is interest paid?
Interest is paid annually and credited directly into the minor account
Q9. What is the rate of interest?
The rate of interest is proposed to be 1% above the rate offered by banks on savings and same will be subject to approval at the Annual General Meeting
Q10. Is it possible to make withdrawals from such accounts?
Withdrawals are not allowed. However, parents will be allowed to make withdrawals to meet medical expenses such as surgery on presentation of evidence.
Q11. How to contact the Secretary or a Board Director?
Contact details are given hereunder.
