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Kids Savings Account

Kids Savings Account is an early start to ensuring a brighter and financially stable future for the young tots. Since parents always have the best interest in their hearts, they should not only open a Kids Savings Account but should also encourage their kids to learn about banking from an early age. This will help inculcate the habit of saving money in your children from an early stage of their life.

Bank
Interest Rate
Minimum Balance
Features
Apply
Bank
Junior Account
Junior Account
Interest Rate
6% p.a.
(Balance above 1 lac & up to Rs. 1 Cr.)
5.5% p.a.
(Balance above Rs. 1 Cr.)
5% p.a.
(Balance up to Rs. 1 lac)
Minimum Balance
Rs 5,000
Features
Show Details
Bank
Young Stars Account
Young Stars Account
Interest Rate
4% p.a.
(For end of day balance of Rs 50 lac & above)
3.5% p.a.
(For end of day balance of below Rs 50 lac)
Minimum Balance
Rs. 2,500
Features
Show Details
Bank
Axis Future Stars Savings Account
Axis Future Stars Savings Account
Interest Rate
3.5% p.a.
(Balance of below Rs. 50 lakhs )
4% p.a.
(Balance of Rs. 50 lakhs & above)
Minimum Balance
Rs. 2,500 (Metro/Urban/Semi Urban) Rs. 1,000 (Rural)
Features
Show Details
Bank
Citibank Junior Account
Citibank Junior Account
Interest Rate
4% p.a.
Minimum Balance
Nil
Features
Show Details
Interest Rate
6% p.a.
(Balance above 1 lac & up to Rs. 1 Cr.)
5.5% p.a.
(Balance above Rs. 1 Cr.)
5% p.a.
(Balance up to Rs. 1 lac)
Minimum Balance
Rs 5,000
Show Details
Features
  • Rewards
  • Kotak Junior ID Card
  • Debit Card
Interest Rate
4% p.a.
(For end of day balance of Rs 50 lac & above)
3.5% p.a.
(For end of day balance of below Rs 50 lac)
Minimum Balance
Rs. 2,500
Show Details
Features
  • Kids Savings Account debit card
  • Personalized cheque book
Interest Rate
3.5% p.a.
(Balance of below Rs. 50 lakhs )
4% p.a.
(Balance of Rs. 50 lakhs & above)
Minimum Balance
Rs. 2,500 (Metro/Urban/Semi Urban) Rs. 1,000 (Rural)
Show Details
Features
  • Visa Classic debit card
  • Personal Accident Insurance Cover of up to 2 Lakh INR
Interest Rate
4% p.a.
Minimum Balance
Nil
Show Details
Features
  • Free cash withdrawals across all ATM branches

Savings Account

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:

  • With this account get up to and 6% p.a. on junior and Guardian’s Savings Account.
  • Junior accountholders also get exclusive privileges and discounts.
  • Average monthly balance (AMB) to be maintained at Rs. 5000.
  • Personalized junior debit card which is issued to kids above the age of 10 years and the daily withdrawal limit is set at Rs. 5000.

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:

  • The customers will be provided with a free Young Stars Debit Card.
  • You can choose from debit cards that have a limit of Rs.2500 or Rs. 5000 for daily cash withdrawals and shopping.
  • Standing Instructions Facility to debit money from parents account to the young stars account.
  • Customers are provided with Money Multiplier Facility as well.

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:

  • Free personalized debit card with a daily spend and withdrawal limit of Rs. 5000
  • The child can issue a cheque with a personalized checkbook.
  • The account holder gets access to various services for free like:

o   Internet Banking Access

o   Mobile Banking Access

o   Email Statement

  • The customers also get Pre-paid mobile recharge facility

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:

  • The customers are offered the Visa Classic Debit Card wherein the customers have a daily shopping limit of Rs. 1000 and a daily ATM withdrawal limit of Rs.1500.
  • The customers get one multicity checkbook free every quarter
  • Personalized image debit card is given to its customers
  • Children under the age of 10 get free ATM cards.

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:

  • Free withdrawal of cash at all Citibank ATMs
  • You can set a limit on your child’s debit card to control expenses.
  • The guardian can issue standing instructions from your account to your child’s account through our online banking platform.
  • Citibank gives its customers free access to online banking and free online transfers to any bank account in India.
  • 24×7 CitiPhone Banking Available.
  • Savings at select restaurants/merchants on your Citibank Debit Card in India.

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.

  1. Identity Proof:
  • PAN Card
  • Driving License
  • Passport
  • Voter’s ID
  • Aadhaar Card
  1. Address Proof:
  • Passport
  • Driving License
  • Voter’s ID
  • Aadhaar Card
  • Utility Bill
  • Bank Statement
  • Bank Account Passbook (Updated and no more than 3 months old)
  1. Proof of Date of Birth of your Child
  2. Signature Proof:
  • PAN Card
  • Driving License
  • Passport
  1. Latest Passport Size Photographs 

 

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