If you are thinking of opening a bank account in the name of your children, SBI has introduced a new facility. Banks now have many savings accounts for adults as well as children.
New Delhi, Feb 6: If you are thinking of opening a bank account in the name of your children, SBI has introduced a new facility. Banks now have many savings accounts for adults as well as children. In these accounts you can save money for your children’s future. The big advantage of a Children Saving Account is that it gradually builds up a large fund for them. Opening a bank account is also a great option for children to have financial discipline.
The bank has launched this facility for children and there is an opportunity to open bank accounts under the first step (Pehla Kadam) and first flight (Pehli Udaan) scheme. In this scheme you do not need to go to the bank but you can open this account online. There are some withdrawal limits and you can make certain amount transactions per day.
1) The first step is savings account
Minor children and parents of any age can open a joint account in this scheme.
-Parents or minors can transact from this account.
-This card will be given in the name of minors and account holders.
The benefits of this savings account
– Under this account you can transact up to Rs. 2,000 per day.
It will also have facilities like mobile banking and you can pay any type of bill
This account will also have ATM card facility in which you can withdraw up to Rs 5,000.
-You can transact up to Rs 5,000 internet banking facility.
-Parents will also get personal accident insurance.
2) First flight savings account
-Children above 10 years of age who can sign up for this scheme have the opportunity to open an account in it.
-This account will be entirely in the name of minors.
Facilities available in this account
– This account has ATM card facility. From this you can make transactions up to Rs. 5,000
-You can make transactions up to Rs 2,000 through mobile banking facility
– Will be able to transact up to Rs.
-You will also get checkbook facility
-Overdraft facility is not available in this account.
Simple steps to open a savings account for children
-First go to SBI’s official website sbi.co.in. Then click on Personal Banking.
-Then click on the Accounts tab and select the Saving Account of Minors option.
-Then click on Apply Now. You will then see the pop-up features of the Digital and Insta Savings account. Turn it off.
-SBI YONO’s website will open next to you. Click on Open a Digital Account here
-Click on Apply Now again and fill in the required information. An employee from your nearest branch will come to your home once to inquire. Your child’s savings account will be started. Both these savings accounts can also be opened offline for children.
-Also you can go to the bank and do this process.
