A savings account is the first step toward becoming financially conscious.
This financial product is the easiest way to save your money and earn a steady interest in it. This outcome inculcates the habit of regular saving in an individual. Apart from that, your money is in safe hands when you deposit it in the savings account. Many banks also provide added benefits to the customers availing their Savings Account.
Banks deal with customers having varied financial needs and, hence, have developed a wide range of products under savings account for supporting the needs of these customers.
What is a Kids Savings Account?
Kids savings account is specifically designed for children up to the age of 18 years to inculcate the habit of regular banking and to provide with a platform to maintain a reserve of savings deposit to support the future of these youngsters. Banks usually provide with special features to support the present and future needs of the kids.
Why Open a Kids Savings Account?
Kids are highly impressionable in their formative years. Their minds are like blocks of clay that can be easily molded. This is the time when you should inculcate the virtue of managing their money on their own.
As parents, It’s never too early to impart financial knowledge to your kids. Taking the first step towards financial inclusion of your kids will help them ensure a financially stable future. Invest in their future by investing in a Kids Savings Account today.
Banks offering Kids Savings Account in India
There are various banks in India that specifically cater to supporting the current and future needs of the kids of India.
The leading Kids Savings accounts are as follows:
Kotak Junior Account
This savings account for kids is specifically designed to inculcate the habit of saving as well as to prepare them for the future. Kotak Mahindra Bank also gives junior customers a host of benefits across edutainment, dining, shopping etc.
Features of Kotak Junior Account is as follows:
Young Stars & Smart Star Account
ICICI has the Young Stars Account and Smart Star Account as their offering to their junior customers.
Get up to 4% p.a. on your savings deposits.
Young Star Account:
The parent can open and operate the account to plan their child’s need, right from a young age.
Features of Young Stars Account are as follows:
Smart Star Account
This account can be opened and operated by a minor above the age of 10 years. This product helps the kids inculcate the habit of managing their finances.
Features of the Smart Star Account are as follows:
o Internet Banking Access
o Mobile Banking Access
o Email Statement
Future Star Savings Account
Axis bank’s Future Star Savings Account is a product targeted towards supporting the needs of the kids.
The features of Future Star Savings Account are as follows:
Citibank Junior Account
Citibank believes in teaching the kids the basics of banking at an early. Through this product, the kids under the age of 18 years can open a bank account. Citibank Junior Account should have two holders (A minor and his/her guardian.)
The guardian should have an existing account with Citibank to avail this option.
The features of Citibank Junior Account are as follows:
Eligibility criteria for opening a Kids Savings Account
To be Eligible for a kid account in any bank, the account holder needs to be a minor (Under the age of 18 years).
Document requirement for opening a Kids Savings Account
At the time of opening a Savings Account, the bank requires certain documents for KYC purposes.
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