If you are a minor then you can also open your savings account in the bank. The country’s largest State Bank of India (SBI) also provides the facility to open savings account (SBI Saving Account For Minor) for minors.
Add rightsofemployees.com as a Preferred Source
The bank provides account opening facility in PehlaKadam and PehliUdaan categories. There are many benefits of opening such accounts in this bank. According to the official website, opening a bank account for a minor with SBI not only helps children learn the importance of saving money, but it also allows them to experiment with the ‘purchasing power’ of money.
There is no issue with average balance.
There is no hassle of maintaining minimum balance in SBI’s Minor Category Savings Account (SBI Saving Account For Minor). According to the official website, a minor customer can maintain a maximum balance of up to Rs 10 lakh in this type of account. Check book is also available in it. In this, a specially designed individual check book (with 10 check pages) is issued to the guardian in the name of the minor under guardianship. But if the minor can sign equally then a specially designed check book is available.
Debit card is also issued
Debit card is also issued in minor savings account. The photo of a minor is also printed in it. You can withdraw up to Rs 5000 from this card. Similarly, mobile banking facility is also available under which bill payment, top up or IMPS up to Rs 2000 can be made daily. Bank accounts under PehlaKadam category are opened jointly with parents or guardian, while under PehliUdaan category, a minor above 10 years of age who can sign can open the account in his own name.
What documents need to be given?
According to the official website of SBI, to open an account, birth certificate of the minor and KYC of the parents will be required. Like the interest rate applicable on savings bank account (SBI Saving Account For Minor), the calculation is done on daily balance. If you wish, you can transfer accounts to any SBI branch without changing the account number. Nominee facility is also available. Specially designed branded passbook is issued free of cost.
Add rightsofemployees.com as a Preferred Source
