Kochi, Mar 4 (IANS): Federal Bank on Monday launched two schemes for the welfare of the families of armed forces personnel.

From the academic year 2019-20 onwards, the bank will be giving a scholarship of up to Rs 1 lakh per year to the children of martyred armed forces personnel for pursuing higher studies, said a press release.

The other scheme offers scholarships to 100 meritorious students in the general category (and children of security personnel) who have secured admission in government-aided and self-financing colleges for MBBS, Engineering, BSc Nursing, BSc Agriculture including BSc (Hons) Co-operation and Banking with Agriculture Sciences, conducted by Agriculture Universities, and MBA.

In addition, a standing quota of 25 scholarships has been created for the benefit of the dependent children of armed forces personnel.

"The bank has decided to make a contribution out of its own sources to Armed Forces Welfare Fund. The bank will contribute an amount equal to the number of online transactions done by the customers in the month of March 2019 to Army Welfare Fund.

"With a considerable number of transactions in the bank happening online and a fast growing client base, the bank expects that the contribution envisioned will be sizeable," said the release.