Pallavan Grama bank is sponsored by the Indian bank and was formed on 31-August-2006. It was formed as a result of amalgamation of erstwhile Adhiyaman Grama Bank, Dharmapuri & Vallalar Grama Bank, Cuddalore as per GOI Gazatte Notification on 31-August-2006.
Area of Operation of Pallavan Grama Bank
Before amalgamation, Adhiyaman Grama Bank along with its headquarters at Dharmapuri was operating at two districts viz. Dharmapuri and Krishnagiri and Vallalar Grama Bank along with its headquarters at Cuddalore was operating in two districts viz. Cuddalore and Villupuram. After amalgamation, the bank was allotted additional 11 districts, i.e. Coimbatore, Erode, Kancheepuram, Karur, Namakkal, Nilgiris, Salem, Thiruvallar, Thiruvannamalai and Vellore.
Savings Account at Pallavan Grama Bank and Minimum Balance
Pallavan Grama Bank offers two types of savings accounts for children-
Pallavan Siruthuli Savings Bank Account (For School Children)
All the student studying from class one onwards are quite eligible for bearing such account under this scheme. The interest of 4.5% p.a. will be offered on daily basis on the deposit. A Hundi will be provided to all the students having such savings account under this scheme. This saving account can be opened with just with zero balance and there is no requirement for maintaining any average balance in the account. The collection of amount saved in account will be done at school premises only. Such accounts can also be used by children for receiving scholarships.
Pallavan Selvamagal Savings Bank Account
Girl students of age of 14 years and above are only eligible for opening a saving account under this scheme. The students can open such saving account just with zero balance. Students can earn an interest of 4.5% p.a. on daily basis on the deposit. The students having such saving account under this scheme will be issued with “Junior Rupay Card”, which is compatible with all ATMs and BC Pos machines of the bank. The amount saved will be collected from the school premises. DD/BPO/NEFT for educational purposes is totally free of cost.