Podcast
Questions and Answers
What is the charge per quarter for maintaining an average quarterly minimum balance of Rs. 3,900?
What is the charge per quarter for maintaining an average quarterly minimum balance of Rs. 3,900?
What will be the account closure charge if the account holder has availed the Coursera course?
What will be the account closure charge if the account holder has availed the Coursera course?
If a customer maintains a balance less than Rs. 2,000, what is the penalty charge per quarter?
If a customer maintains a balance less than Rs. 2,000, what is the penalty charge per quarter?
What is the coverage amount provided by PAI?
What is the coverage amount provided by PAI?
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What is the charge for not maintaining an average quarterly minimum balance of Rs. 4,500?
What is the charge for not maintaining an average quarterly minimum balance of Rs. 4,500?
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What is the maximum number of free certificate courses a person can avail from Coursera?
What is the maximum number of free certificate courses a person can avail from Coursera?
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What additional concession is offered for fresh education loans from NMMB over the existing ROI concession?
What additional concession is offered for fresh education loans from NMMB over the existing ROI concession?
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What is the account closure charge if the course from Coursera has not been availed?
What is the account closure charge if the course from Coursera has not been availed?
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How many free ATM transactions are allowed per month at other bank ATMs for customers?
How many free ATM transactions are allowed per month at other bank ATMs for customers?
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What is the maximum cash withdrawal limit per transaction using ATM?
What is the maximum cash withdrawal limit per transaction using ATM?
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What benefit does the Premium Rupay Millennial Platinum Debit card offer for Amazon purchases?
What benefit does the Premium Rupay Millennial Platinum Debit card offer for Amazon purchases?
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What is the POS limit for transactions using the account?
What is the POS limit for transactions using the account?
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How many complementary domestic visits per quarter do customers receive with the associated Lounge offer?
How many complementary domestic visits per quarter do customers receive with the associated Lounge offer?
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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?
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Which benefits are provided to customers maintaining a QAB above Rs. 25000 and completing 50 debit transactions in 6 months?
Which benefits are provided to customers maintaining a QAB above Rs. 25000 and completing 50 debit transactions in 6 months?
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What is the age eligibility for this product?
What is the age eligibility for this product?
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How much is the Personal Accident Insurance provided for the self?
How much is the Personal Accident Insurance provided for the self?
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What feature is included with the Rupay Platinum Millennial Card?
What feature is included with the Rupay Platinum Millennial Card?
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What is the Baggage Insurance amount offered under the Cancare Policy?
What is the Baggage Insurance amount offered under the Cancare Policy?
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What will customers under 28 years not have charged on their debit card?
What will customers under 28 years not have charged on their debit card?
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Which of the following options describes the SMS alerts feature?
Which of the following options describes the SMS alerts feature?
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Study Notes
Circular Account Overview
- Zero balance account available for individuals aged 18-28.
- Free Coursera course with ₹5000 quarterly average balance (QAB).
- Second free course with >₹25,000 QAB and 50+ debit transactions in 6 months, or for education loan customers.
- Free Rupay Platinum Millennial Debit card with no annual maintenance charges (AMC) until age 28.
- Free SMS alerts.
- 0.5% education loan ROI concession with ₹5000 QAB.
- ₹6 lakh PAI cover (card-based + Cancare policy).
- Card-based offers on Amazon, Swiggy One, BookMyShow, and Gaana.
- Airport lounge access.
Eligibility and Fees
- Open to all individuals (including illiterate and blind) aged 18-28.
- Minimum balance is ₹0 (without Coursera course) or ₹5000 (with Coursera course).
- Free SMS alerts and Rupay Platinum Millennial Debit card.
- Nil debit card issuance charge and AMC until age 28.
- Free cheque book (25 leaves annually).
- Non-maintenance charges (NMMB) vary based on QAB and Coursera course availment (see below).
- Account closure charges: ₹500 + GST (no Coursera course); ₹1000 + GST (with Coursera course).
Insurance Coverage
- Personal Accident Insurance (PAI): ₹6 lakh (self, card-based + Cancare policy); ₹2 lakh (spouse, Cancare policy).
- Air Accident Insurance: ₹8 lakh (self, Cancare policy); ₹4 lakh (spouse, Cancare policy).
- Baggage Insurance: ₹25,000 (Cancare policy).
- Purchase Protection Cover: ₹25,000 (Cancare policy).
Banking Services
- Mobile and internet banking available.
- NEFT/RTGS/IMPS/UPI/DD facilities available.
- Account portability allowed between accounts.
- Only one account per customer; joint accounts not allowed.
- Account opening via various channels (CPH, Tab Banking, online, Aadhaar-based, etc.).
ATM and POS Limits
- Free ATM access: 5 transactions (financial + non-financial) per month at Canara Bank ATMs; 3 (metro) or 5 (other) at other banks.
- ATM cash withdrawal limit: ₹100,000.
- POS limit: ₹500,000.
Card-Based Offers
- Amazon: 20% off up to ₹100 (min. purchase ₹129) every Friday.
- Gaana: Annual subscription.
- Swiggy One Lite: Annual subscription (four quarterly vouchers).
- BookMyShow: ₹250 off (min. two movie tickets) once monthly.
- Airport Lounges: Two complimentary domestic & two international visits per year.
Non-Maintenance of Minimum Balance Charges
- Charges apply if QAB falls below ₹5000 (Coursera course availed).
- ₹100 for QAB ₹4000-₹4999; ₹150 for ₹3000-₹3999; ₹200 for ₹2000-₹2999; ₹250 for <₹2000.
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Description
This quiz covers the features, eligibility, and fees associated with Circular Accounts tailored for individuals aged 18-28. Explore the benefits like free courses, debit cards, and more. Gain a comprehensive understanding of this financial product to make informed choices.
