Savings Account For Minors

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Saving Account For Minor
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Pehla Kadam and Pehli Udaan, are complete bouquets of banking products, that will not only help children learn the importance of saving money but will also allow them to experiment with the 'buying power' of money.

Both the Savings Accounts are fully loaded; replete with banking features like Internet Banking, Mobile Banking, etc. which will not just acquaint children with the different channels of modern-day banking but also teach them the nuances of personal finance. All these features come with 'per day limits' to ensure that they spend the money wisely.

Features

  • Monthly Average Balance (MAB) requirement not applicable
  • Maximum Balance Rs. 10 lakh
  • Cheque book
    • PehlaKadam : Cheque-books are available
    • Where Mobile No. Of the account holder is recorded.
    • Specially designed Personalised chequebook (with 10 cheque leaves) will be issued to the Guardian in the name of minor under guardian.
    • PehliUdaan : Cheque-books are available
    • Where Mobile No. Of the account holder is recorded. Specially designed Personalised chequebook (with 10 cheque leaves) will be issued if the minor can sign uniformly.
  • Photo ATM-cum-Debit Card
    • PehlaKadam : Child's photo embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs. 5,000/-.
    • Card will be issued in the name of the minor and Guardian.
    • PehliUdaan: Photo embossed ATM-cum-Debit with withdrawal/POS limit of Rs. 5,000/- will be issued in the name of the minor.
  • Mobile Banking
    • PehlaKadam : With viewing rights and limited transaction right like: Bill payment, Top ups. Per day transaction limit of Rs. 2,000/-
    • PehliUdaan : With viewing rights and limited transaction right like - Bill payment, Top ups, IMPS. Per day transaction limit of Rs. 2,000/-
    • Auto sweep facility with a minimum threshold of Rs. 20,000/-. Sweep in multiple of Rs 1,000/- with a minimum of Rs. 10,000/-
    • Internet Banking
      • PehlaKadam : With Enquiry rights and limited transactions like - Bill payment, Opening e-Term Deposit (e-TDR)/ e-Special Term Deposit (e-STDR)/ e-Recurring Deposit (e-RD), Inter-Bank funds transfer (NEFT only), and Issue Demand Draft.
      • Per day transaction limit of Rs. 5,000/-
      • PehliUdaan : With Enquiry rights and limited transactions like - Bill payment, Opening e-Term Deposit (e-TDR)/ e-Special Term Deposit (e-STDR)/ e-Recurring Deposit (e-RD), Inter-Bank funds transfer (NEFT only), and Issue Demand Draft.
      • Per day transaction limit of Rs. 5,000/-

Eligibility

  • PehlaKadam : Minor of any age. This account will be jointly opened with the parent/guardian.
  • PehliUdaan : Minors above the age of 10 years and who can sign uniformly. This account will be opened in the sole name of the minor.
  • Mode of Operation
    • PehlaKadam : Jointly with the Parent/ Guardian or Singly by Parent/ Guardian
    • PehliUdaan : Singly operated

KYC Requirements

  • PehlaKadam
    • Date of Birth proof of the minor + KYC of the Parent.
  • PehliUdaan
    • Date of Birth proof of the minor + KYC of the Parent.

Other Features

  • Interest rate as applicable to Savings Bank A/c calculated on a daily balance
  • Transferability of accounts to any SBI Branch without changing the account number.
  • Nomination facility is available and recommended.
  • Specially designed branded Passbook issued free of charge.
  • Inter Core charges NIL for transfer transactions.

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Last Updated On : Monday, 01-03-2021

Interest Rates

2.70% p.a.

Upto 1 lakh(w.e.f. 31.05.2020)

2.70% p.a.

Above 1 lakh (w.e.f. 31.05.2020)

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