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SBI Offers Accounts For Minors: Eligibility, Interest Rate And Other Facilities

4 September, 2018 3:08 PM
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SBI's Pehla Kadam and Pehli Udaan accounts: One doesn't need to maintain Monthly Average Balance (MAB) for both accounts.

State Bank of India (SBI) offers Pehla Kadam and Pehli Udaan savings accounts 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, said SBI on its official website -- bank.sbi. The Pehla Kadam account will cater to the children of any age under 18 while Pehli Udaan is meant only for those who are above 10. However, one doesn't need to maintain Monthly Average Balance (MAB) for both accounts.

Pehla Kadam: Minor of any age can open this account but it has to be jointly opened with the parent or guardian.

Pehli Udaan: This account can be opened in the sole name of the minor above the age of 10 years who can sign uniformly.

Pehla Kadam: This account has to be operated jointly with the parent or guardian or singly by the parent or guardian.

Both the accounts have a per day transaction limit of Rs. 5,000. One can make bill payments, inter-bank funds transfer (NEFT only), and get demand drafts from these accounts.

Pehla Kadam: Personalised chequebook (with 10 cheque leaves) will be issued to the guardian in the name of minor under guardian.

Pehli Udaan: Personalised chequebook (with 10 cheque leaves) will be issued if the minor can sign uniformly.

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

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

Interest rate is offered as applicable to savings bank account, which is calculated on daily basis for the accounts. Nomination facility is also available with both accounts.

Source: ndtv.com

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