It is imperative to inculcate the habit of saving in children at a young age as it will help them understand the significance of saving money. If you are looking for a bank that can help you achieve your goal, you can trust leading public lender State Bank of India as it offers two products namely Pehla Kadam and Pehli Udaan.
These two products of SBI will help your younger ones learn to experiment with the buying power of money. Pehla Kadam and Pehli Udaan saving accounts offer banking features like mobile banking, internet banking etc. It will help your children acquaint with the varying channels of latest banking and the nuisances of personal finance. All such features are available with "per day limits" so that your child can spend the hard-earned money in a wise manner. Here are more details about these two products:
There is no monthly average balance (MAB) limit applicable to these accounts. The maximum limit of balance is kept at Rs 10 lakh. There will be availability of cheque book when you seek to open saving account for minor.
When you open a saving account, you will get a cheque book by SBI Bank. The mobile number of the account holder will be recorded. The specially designed personalized cheque book will contain 10 cheque leave and will be issued to the Guardian in the name of minor under guardian.
SBI will provide a child's photo embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs 5000/-. Card shall be issued in the name of minor and guardian. There will be viewing rights and limited transactions such as bill payments, top ups, and per day transaction limit of Rs 2000/-.
There will be availability of chequebook. Mobile number of account holder shall be recorded. The specially designed personalized chequebook shall have 10 cheque leaves and will be issue in case minor can sign uniformly. SBI will provide photo ATM cum debit card. There will be a photo embossed ATM cum debit with a withdrawal/POS limit of Rs 5000/- and it will be issued in the name of minor. It will allow bill payment, top ups and IMPS. The per day transaction limit will be Rs 2000/-. SBI offers an additional feature with auto sweep facility with minimum threshold of Rs 20,000/-. Users can sweep in multiple of Rs 1000.- with a minimum of Rs 10,000/-.
3. How to open the minor account?
You can open the two accounts offline as well as online. You just need to visit the bank's website sbi.co.in and go to the personal banking section. Click on Account tab and select "Saving Account for Minors". After you have clicked on the "Apply Now" button, you will be redirected to a new page, website of SBI YONO. Now here you need to click "Open A Digital Account" option. After pressing "Apply Now" button, you shall have to fill necessary details. You also have to visit the nearest branch of the bank in order to complete the process fully and open the account for your minor.
You can complete the whole process simply by visiting the SBI branch that is nearest to you.