Cargills Bank Minor Fixed Deposit Product - Terms and Conditions

01. Parent/ Guardian can open a Minor Fixed Deposit on behalf of a Minor (below 18 years of age).

02. Minimum Fixed Deposit amount for this Minor Fixed Deposit is Rs 5,000/- and a parent or a

guardian can open any number of Deposits for a Minor under this Minor Fixed Deposit Product.

03. It is mandatory to open a Minor Savings Account (where Bank contributes Rs.250/- for opening

the account) when applying for a Minor Fixed Deposit.

04. Auto renewal without interest and auto closure will not be permitted under this Minor FD

Product. Fixed Deposits under this product will be renewed automatically until the Minor turns

18 years of age.

05. On the date of opening the Minor Fixed Deposit, the Parent/ Guardian must instruct the Bank to

remit the capital and interest of the Minor Fixed Deposit to the Minor’s savings account, when the

Minor turns 18 years of age.

06. Existing interest rates at the time of deposit will be applicable for this product and FD will be

renewed with prevailing rates under the same tenor as per the initial instructions given in the

mandate.

07. Minor Fixed Deposit cannot be withdrawn until the minor reaches the age of 18. Once the minor

turns to a major at the age of 18, the FD proceeds will not be credited to the Savings

account until the Minor, who has attained the age of 18, claims it personally with required

documents.

08. The Minor needs to provide the Birth Certificate, National identity card (NIC) and the Fixed Deposit

certificate to claim the Fixed Deposit after the age of 18 years.

09. Penal interest rate is applicable to pre-mature upliftment of minor fixed deposit under

exceptional circumstances.