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Product Details
Bank Name

CSB Bank

Eligibility

Family

Interest Rate

3.00% - 7.50%

Tenure

The maximum period for which term deposits are accepted is 10 years

Fixed Deposit Type

Recurring

Family Welfare Account

Family Welfare Account

Tax Benefits

No

Credit Ratings

CRISIL A1+

Interest Payment Frequency

Monthly, Yearly.

Cummulative/Non-Cummulative

No information provided

Features

Minimum amount for opening the account is ₹100. Accounts may also be opened in odd sums. Deposits are accepted for a minimum period of six months. The maximum period for which deposits are accepted is 10 years. Benefits Interest accrues both on the principal and the interest thereon. Nomination facility available

Minimum Investment Amount

Minimum amount for opening the account is ₹100. Accounts may also be opened in odd sums.

Fees and Charges
Pros
  • Joint Account

  • Potentially Higher Interest Rates

  • Flexible Tenure Options

  • Goal-Oriented Saving

Cons
  • Minimum Balance Requirements

  • Tax on Interest Income

Pros & Cons
Account Opening and Procedure
How to Open?
  • Visit a CSB Bank Branch:This is the most common way.
    Find your nearest CSB Bank branch using their branch locator https://www.csb.co.in/atm.
    Once at the branch, inform the representative that you want to open a "Family Welfare Account."

    You'll likely be provided a specific application form for this scheme. Fill it out with your details:Name
    Address
    Contact information
    PAN Card details
    Nominee details (optional, but recommended)
    Minimum deposit amount is Rs. 1,000 and the bank accepts odd sums as well.
    Choose your deposit tenure. It can range from a minimum of 6 months to a maximum of 10 years, with options in multiples of three months or incomplete quarters.
    Decide how you want to receive interest payouts (monthly, quarterly, or on maturity).
    Submit the completed form along with the required documents and your deposit amount (cash or cheque).
    The bank will verify your documents and provide you with an account opening confirmation.

  • CSB Bank Net Banking (for existing customers only):CSB Bank's website doesn't explicitly mention online applications for Family Welfare Accounts. However, existing CSB Bank customers can sometimes open Fixed Deposits through Net Banking.
    Check the CSB Bank website https://www.csb.co.in/atm for their Net Banking login and see if there's an option for "Fixed Deposits" or a similar section.
    If an online FD option exists, look for "Family Welfare Account" or a similar term during the application process.
    If you don't see a Family Welfare Account option online or are unsure, it's best to visit a branch directly.

Application Procedure

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