Axis Bank kids savings account’s Axis Future Stars Savings Account is especially designed for people who are below 18 years of age. For kids below 18 years of age, it can be operated by a guardian.
We are often faced temptations to spend money and we actually do so in hindsight, without realizing the repercussions of excessive spending. It is never too early to teach your children the significance of saving money! Saving helps kids to learn to set feasible goals. Moreover, it educates them to understand that money saved is money generated.
Axis Bank recognizes the importance of saving right from an early age and has thus provided the Future Star Savings Account facility, to enable parents to given their children a head start on their financial independence. With this kids bank account, children are given an opportunity to make their money work for them.
Axis Bank’s Future Star Saving Account ascertains the vitality of saving right from a tender age and hence provides one of the best savings plan for kids, adept with exclusive banking facilities and products to meet a child’s needs. However, only children under the age of 18 years are qualified to use this facility. Simply submit the necessary documents to the nearest AXIS Bank Branch and be one step ahead of securing your child’s future! Moreover, the kid’s savings account can be run by a guardian/parent for children below the age of 10 years.
Accidents are unpredictable and unforeseeable in nature. No one can clearly state whether or when an accident is going to occur. In such unexpected circumstances, a savings account is a literal lifesaver. As a bank account holder, you can use the money you have kept in your savings account to meet the incurred costs. AXIS Bank identifies the uncertainty of mishaps and has thus provided a Personal Accident Insurance Cover of Rs. 2 lakh for the account holder, which in this case will be your child. In this way, there exists a financial backing for children in case of an untimely accident. Although, you must keep in mind that the account holder can avail this facility only if the card is swiped once, every six months.
Along with keeping money aside in your kid’s bank account, you are also entitled to earn returns on an attractive interest rate of up to 4%, depending on the balance in the account.
You need not worry about depositing a large sum when opening a kids account. Simply deposit a low minimum sum of Rs. 2,500 when creating a Future Star Savings Account. Accessing and tracing your kid’s savings account is now easy with you receiving monthly SMS alerts, e- statements to track your transactions. Internet Banking facilities makes your banking experience more convenient.
You are eligible to receive one, payable- at- par chequebook per quarter, absolutely free of charge. The cheque book will generally be in the child’s name but if the child is below the age of 10 years, the chequebook will be in your (parent/guardian’s) name.
As a kid’s bank account holder, you can avail Axis Bank’s VISA Classic Debit Card facility. You are eligible to avail this facility at a predisposed nominal fee. You are also permitted to personalize this Debit Card. Your child can make his/her debit card unique and special by getting an image of his/her choice printed on the card. However, only children above the age of 10 years are qualified to use the personalized card facility.
As an Axis Bank kids account holder, you are entitled to receive protection of around Rs. 50,000 against a fraudulent use of the VISA Classic Debit Card.
Along with the above features, Axis Bank also makes it a point to disclose the fees and charges levied upfront to you, so that you are well aware of what services you are being charged or paying for.
This kids savings account can be opened after an initial funding of Rs.2,500 and Rs.1,000 respectively for Metro/Urban/Semi Urban and rural areas respectively. The Average Monthly Balance (AMB) for urban customers is Rs. 2,500 while it stands at Rs.1,000 for rural customers. Non maintenance charges is charged of customers fail to maintain the average balance.
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