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Axis Future Stars - Kids Savings Account

AXIS Bank Account – Kids Savings Account

The Axis Bank comes up with the special “Axis Future Stars Savings Account” for the kids.This is a Kids Bank Account and here are some of its features:

  • Lower minimum deposits of around 2500 INR.
  • Free monthly e-statements, SMS alerts, Internet banking facilities
  • Visa Classic Debit card facility
  • Personal accident insurance cover of around 2 Lakhs INR facility
  • Combined Purchase protection Liability & Lost Card Liability of around 50,000 INR against fraudulent use of the debit card

Why is it important for children to learn how to save?

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. The different features and benefits of this savings account are as follows:

  1. Eligibility:

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.

  1. Personal Accident Insurance Cover:

Most of the time, 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.

  1. Interest rates:

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%, based on the balance in the account.

  1. Low opening deposit:

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.

  1. Free cheque book facility:

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. 

  1. VISA Classic Debit Card:

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.   

  1. Combined Purchase protection:

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. The Future Star Savings Account charges are nominal in nature.    

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