Podcast
Questions and Answers
What is the minimum balance requirement to avail a free course from Coursera?
What is the minimum balance requirement to avail a free course from Coursera?
ATM cash withdrawal limit is Rs. 1,00,000.
ATM cash withdrawal limit is Rs. 1,00,000.
True
What is the age range suitable for this product?
What is the age range suitable for this product?
18 to 28 years
Which of the following is a benefit of the Rupay Platinum Millennial Card?
Which of the following is a benefit of the Rupay Platinum Millennial Card?
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A customer can open multiple accounts under this product.
A customer can open multiple accounts under this product.
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The minimum debit card issuance charge is ______.
The minimum debit card issuance charge is ______.
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What is the upper limit for POS transactions?
What is the upper limit for POS transactions?
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Match the following benefits with their coverage:
Match the following benefits with their coverage:
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How many free ATM transactions are allowed at other banks?
How many free ATM transactions are allowed at other banks?
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What is the concession in the rate of interest (ROI) for fresh education loans above the existing concession?
What is the concession in the rate of interest (ROI) for fresh education loans above the existing concession?
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Study Notes
Circular Account Overview
- Zero balance account available for individuals aged 18-28.
- Free Coursera certificate course with ₹5000 minimum average quarterly balance (QAB).
- Second free course with QAB > ₹25,000 and 50 debit transactions in 6 months, or for education loan customers.
- Free Rupay Platinum Millennial debit card with nil annual maintenance charges (AMC) until age 28.
- Free SMS alerts.
- 0.50% reduction in education loan interest rate with ₹5000 QAB.
- ₹6 lakh personal accident insurance (card-based + Cancare policy).
- Card-based offers on Amazon, Swiggy One, BookMyShow, and Gaana.
- Airport lounge access.
- Joint accounts not allowed; only one account per customer.
Account Features
- Eligibility: Individuals (including illiterate and blind) aged 18-28.
- Minimum balance: ₹0 (without Coursera course); ₹5000 (with Coursera course).
- Free SMS alerts.
- Debit card: Rupay Platinum Millennial Card.
- Cheque book: 25 leaves free annually.
- Personal Accident Insurance: ₹6 lakh (self, card-based + Cancare); ₹2 lakh (spouse, Cancare).
- Air Accident Insurance: ₹8 lakh (self, Cancare); ₹4 lakh (spouse, Cancare).
- Baggage Insurance: ₹25,000 (Cancare).
- Purchase Protection Cover: ₹25,000 (Cancare).
- Non-maintenance charges (NMMB): ₹0 (without Coursera); up to ₹250 (with Coursera).
- Free Coursera courses: Maximum two, subject to terms and conditions.
- Education loan ROI concession: Additional 0.50% with ₹5000 QAB.
- Account portability: Possible from and to all accounts.
- Account opening: CPH, Tab Banking, online, Aadhaar-based, Diya, Kiosk, and other digital channels.
- Free ATM access: 5 transactions (financial + non-financial) at own bank ATMs per month; 3 (metro) or 5 (other) at other banks' ATMs per month.
- ATM cash withdrawal limit: ₹1,00,000.
- POS limit: ₹5,00,000.
- Account closure charges: ₹500 + GST (without Coursera); ₹1000 + GST (with Coursera).
Card-Based Offers
- Amazon: Flat 20% off up to ₹100 (minimum purchase ₹129), every Friday.
- Gaana: Annual subscription.
- Swiggy One Lite: Annual membership (four quarterly vouchers).
- BookMyShow: Flat ₹250 off on minimum two movie tickets, once per month.
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Description
Explore the unique features of the Circular Account tailored for young individuals aged 18-28. Learn about eligibility, minimum balance requirements, benefits like free courses, personal accident insurance, and exclusive offers. This quiz will help you understand how to maximize the advantages of this innovative banking product.
