SBI Savings Bank Account for Minors: Want to open a savings bank account for a minor. India’s largest public lender State Bank of India (SBI) is offering ‘Pehla Kadam’ and ‘Pehli Udaan’ – saving bank accounts for minors with internet banking and mobile banking facility.
The bank on its website says that the two savings bank accounts are being offered for minors to enthuse the importance of saving money and also get them acquainted with the “buying power of money”. ‘Pehla Kadam’ and ‘Pehli Udaan’ accounts are integrated with ‘per day limits’ feature to ensure that they spend the money wisely.
See features here:-
-No Monthly Average Balance (MAB) requirement
-Maximum Balance Rs 10 lakh
-Cheque-book facility is available with both types of accounts. The mobile number of the account holder is recorded. Specially designed personalised chequebook with 10 cheque leaves are issued. In the former case it will be issued to the Guardian in the name of minor. In the latter, it will be issued if the minor can sign uniformly.
-Photo ATM-cum-Debit Card facility is available. For Pehla Kadam, withdrawal/POS limit is Rs 5,000. Card will be issued in the name of the minor and Guardian.
-For Pehli Udaan, withdrawal/POS limit of Rs 5,000 and card is issued in the name of the minor.
-Mobile banking with viewing rights and limited transaction right like bill payment, Top ups. 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.
-Over Draft for Parents/Guardians
-PehlaKadam : Overdraft against Fixed deposits for parent/guardian subject to fulfilling other terms and conditions.
-PehliUdaan : No overdraft facility under this product
An option of setting up of one Standing Instruction for Recurring Deposit, free of charge is also available with these account.