“Mercantile Podiththo minor savings” product is designed to inculcate savings habits among kids from their early childhood to secure the future in terms of their higher education and health. The account offers competitive interest rates, flexible deposit options and various additional benefits to meet the needs of minors as well as their guardians. Any kid below 18 years can open a minor savings account.

There are two product categories to choose

1. Mercantile Podiththo Gift Scheme 3.5% (Below 12 year kids are only entitled for the scheme)

(W.E.F. 01st October 2024)

Range of valuable gifts will be received based on their savings balances.

When the account balance reaches 300,000 all the gifts are entitled.

2. Mercantile Podiththo high interest rate scheme 6%

(W.E.F. 01st October 2024)

Gift items are not entitled for the scheme. 

Additional benefits

• Valuable insurance cover will be offered for both schemes with Hospitalization per day cover for minor accounts holders up to 21 days per annum. Rs. 2,500 payments per day and Rs. 50,000 payments for the minor account holder at the event of death of the parent.
• The students who get through year 05 scholarship with highest marks will be rewarded with a cash reward.

Initial Deposit

• A parent/guardian with a child under 18 years can open “Mercantile Podiththo” minor savings account with the initial deposit of Rs.500.

Required documents to open a minor savings account.

• Minor Savings Mandate and KYC of the guardian.
• National Identity Card /Pass Port/Driving license of the guardian.
• Copy of Minor’s Birth Certificate/Copy of the National Identity Card

You can open a minor savings account by visiting any of the branches located island wide.