SAVINGS ACCOUNT FOR MINORS

Pehla Kadam and Pehli Udaan, are complete bouquets of banking products, that will not only help children learn the importance of saving money but will also allow them to experiment with the 'buying power' of money.

Both the Savings Accounts are fully loaded; replete with banking features like Internet Banking, Mobile Banking, etc. which will not just acquaint children with the different channels of modern-day banking but also teach them the nuances of personal finance. All these features come with 'per day limits' to ensure that they spend the money wisely.

Features PehlaKadam PehliUdaan

Eligibility

Minor of any age. This account will be jointly opened with the parent/guardian.

Minors above the age of 10 years and who can sign uniformly. This account will be opened in the sole name of the minor.

Monthly Average Balance (MAB) requirement

NIL

Maximum Balance

Rs. 10 lac in the Account

Mode of Operation

Jointly with the Parent/ Guardian or Singly by Parent/ Guardian

Singly operated

Internet Banking

With Enquiry rights and limited transactions like - Bill payment, Opening e-Term Deposit (e-TDR)/ e-Special Term Deposit (e-STDR)/ e-Recurring Deposit (e-RD), Inter-Bank funds transfer (NEFT only), and Issue Demand Draft. Per day transaction limit of Rs. 5,000/-

With Enquiry rights and limited transactions like - Bill payment, Opening e-Term Deposit (e-TDR)/ e-Special Term Deposit (e-STDR)/ e-Recurring Deposit (e-RD), Inter-Bank funds transfer (NEFT only), and Issue Demand Draft. Per day transaction limit of Rs. 5,000/-

KYC Requirements

Date of Birth proof of the Minor + KYC of the Parent Aadhaar and PAN or Form 60. Where Aadhaar number has not been assigned to an applicant, the applicant shall furnish proof of application of enrolment for Aadhaar and in case PAN is not submitted, one certified copy of an Officially Valid Document (OVD) along with Form 60 is required. In case the applicant is not a resident or is a resident in the states of Jammu and Kashmir, Assam or Meghalaya and does not submit the PAN, he shall submit one certified copy of OVD containing details of his identity and address and one recent photograph.

Date of Birth proof of the Minor Aadhaar and PAN or Form 60. Where Aadhaar number has not been assigned to an applicant, the applicant shall furnish proof of application of enrolment for Aadhaar and in case PAN is not submitted, one certified copy of an Officially Valid Document (OVD) along with Form 60 is required. In case the applicant is not a resident or is a resident in the states of Jammu and Kashmir, Assam or Meghalaya and does not submit the PAN, he shall submit one certified copy of OVD containing details of his identity and address and one recent photograph.

Cheque book

Cheque-books are available where Mobile No. Of the account holder is recorded. Specially designed Personalised chequebook (with 10 cheque leaves) will be issued to the Guardian in the name of minor under guardian.

Cheque-books are available where Mobile No. Of the account holder is recorded. Specially designed Personalised chequebook (with 10 cheque leaves) will be issued if the minor can sign uniformly.

Photo ATM-cum-Debit Card

Child's photo embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs. 5,000/-. Card will be issued in the name of the minor and Guardian.

Photo embossed ATM-cum-Debit with withdrawal/POS limit of Rs. 5,000/- will be issued in the name of the minor.

Mobile Banking

With viewing rights and limited transaction right like: Bill payment, Top ups. Per day transaction limit of Rs. 2,000/-

With viewing rights and limited transaction right like - Bill payment, Top ups, IMPS. Per day transaction limit of Rs. 2,000/-

Auto sweep

Auto sweep facility with a minimum threshold of Rs. 20,000/-. Sweep in multiple of Rs 1,000/- with a minimum of Rs. 10,000/-

Over Draft for Parents/Guardians

Overdraft against Fixed deposits for parent/guardian subject to fulfilling other terms and conditions.

No overdraft facility under this product

Standing Instruction

An option of setting up of one Standing Instruction for Recurring Deposit, free of charge.

Other Features

  • Interest rate as applicable to Savings Bank A/c calculated on a daily balance

  • Transferability of accounts to any SBI Branch without changing the account number.

  • Nomination facility is available and recommended.

  • Specially designed branded Passbook issued free of charge.

  • Inter Core charges NIL for transfer transactions.

PAI for Parent (Optional)

Personal Accident Insurance Cover (offered by SBI General) for the Parent (in case of Pehla Kadam account only).

Child Plan (Optional)

Smart Scholar (Market Linked) - Child Plan offered by SBI Life with inbuilt premium waiver benefit and loyalty additions to fulfil the child's dreams.