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Sisu Happannu is a special savings
scheme which is aimed at mobilizing minor savings and encouraging school children
to save for their future. The Interest rate of the Sisu Happannu accounts rises
with the increase in the balance in the account.
The balance lying to the credit of
an account of a minor may be transferred upon instruction of a parent or a legal
guardian of the minor, to an account maintained in the name of a minor in an authorized
deposit taking institution, upon completion of sixty months
from the date of the
first deposit or at any time thereafter.
Withdrawals will not be permitted
under normal circumstances prior to children attaining the age of 18. The balance
lying to the credit of an account of a minor may be withdrawn by a parent or a legal
guardian of the minor, for a justifiable reason such as meeting the cost of medical
treatment or education of the minor or for any other reason acceptable.
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