Children savings bank account: The State Bank of India (SBI) offers two types of savings accounts for minors Pehla Kadam and Pehli Udaan. These accounts help prepare your little ones for a sound financial future, besides inculcating the habit of saving money early. The best thing about these accounts is that the account holders in this case children don’t need to maintain any minimum balance.
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, the lender mentioned on its website. “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,” State Bank of India (SBI) said.
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.
Specially designed personalised chequebook (with 10 cheque leaves) will be issued to the Guardian in the name of minor under guardian.
Where mobile number 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.
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.
SBI’s Pehla Kadam, Pehli Udaan saving accounts for children 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.