SBI Savings Account for Minors

SBI Savings Account for Minors is a savings scheme offered by the State Bank of India for the children below the age of 18 years. Ensures that children learn to manage their finances and also know about the importance of savings.

SBI offers two schemes under the minor category, such as Pehla Kadam and Pehli Udaan. Pehla Kadam is the saving scheme operated by the children under the parental guidance and Pehli Udaan can be operated by the children independently.

Moreover, ATM/Debit card, cheque book, and online services are offered to the account holder same as that of the adults savings scheme.

SBI Savings Account for Minors Features

1. Age limit:

• Children aged from 0 to 18 years.
• Pehla Kadam: Minors of any age with the help of guardians/Parents.
• Pehli Udaan: Minors above the age of 10 can have this account. Operated independently.

2. General features:

• SBI will provide ATM/debit card. It can be operated without the help of parents or guardian.
• Available of Passbook and mini statement.
• In case if need for online operation, then the parents or guardian approval is mandatory.

3. Interest Rate:

• The interest rate is the same as that of a normal savings account.

4. Banking service:

• Payment transfer through NEFT/RTGS/IMPS.
• Also, there is a limitation for the transfer of money.
• Moreover, for higher transactions, Parental consent is mandatory.

5. Minimum Balance:

• No need to maintain the minimum balance.

Benefits

1. Opportunity for children:

• It’s a great opportunity for children to learn to manage the money.

2. Financial guidance:

• Parents can guide the children in transferring and withdrawing the amount.

3. Online Banking Service:

• Can access the banking service through YONO SBI.

4. Security:

• Account will have maximum deposit, withdrawal and transfer limit.
• Thus, this will ensure the account protection.

Pehla Kadam

Account Holder:

Minors with the help of parents or guardian should operate this account

Age Limit:

Minors from 0 to 18 years.

Debit Card:

• Passport size photograph of the child is engraved in the ATM-Debit card.
• ATM card in the name of minor and guardian
• The withdrawal limit is Rs.5000

Online Banking Service:

• An online transaction using the YONO SBI.
• Also, Parent consent is mandatory.
• The withdrawal limit is Rs.2000

 Cheque book

• A specially designed cheque book with 10 cheque leaves in the name of the child under the guardian.

Pehli Udaan

Account Holder:

Minors above the age of 10 can operate this account independently without the help of parents or guardian.

Age Limit:

Minors above the age of 10.

Debit Card:

• Passport size photograph of the child is engraved in the ATM-Debit card.
• The withdrawal limit is Rs.5000

Online Banking Service:

• Payment can be transferred through NEFT/RTGS/IMPS.
• Online transaction via YONO SBI is allowed.
• The withdrawal limit is Rs.2000

Cheque book:

• Minors with the capacity to sign in the same format will be provided with the specially designed cheque book.
• Cheque book with 10 cheque leaves.

Documents Required

1. Documents for Children:

• Birth certificate of child
• Proof of address and identity such as Aadhar Card.
• Passport size photograph of child.

2. Documents of Guardian/Parents:

• Identity Proof such as Aadhar Card, PAN Card, or Voter Card.
• Proof of address such as electricity bill, Water tax bill, or ration card.
• 2 Photograph.

How to Open an Account

Offline:

• Firstly, visit the nearest SBI branch.
• Secondly, Get the form for SBI savings account for minors.
• Then, Fill out all the required details.
• Also, Provide all the required documents and submit the form along with it.
• The officer will verify the document.
• Hence an account will be opened.
• Passbook, ATM-Debit card, and cheque book will be given by the bank.

Online:

• Firstly, Log in to the YONO SBI or e-banking website
• Secondly, Select “Open Savings Account”.
• Select the Savings account for minors either Pehla Kadam or Pehli Udaan.
• Then, fill out the application form.
• Moreover, Verify the documents and submit them.
• Hence, You will get the details either by email or as an SMS on the registered mobile number.

This saving scheme is specially designed for children. Also, this helps them learn to manage their finance.

Read more SBI Annuity Deposit Scheme