To teach ‘em young that money doesn’t grow on trees!
Parents and guardians are more likely to inculcate the importance of top grades and immaculate manners in their young ones than tell them the value and importance of money. The general trend is that parents wait until the kids are at least 10-12 before money talks. In today’s consumerist world, this attitude can backfire. HDFC’s Kids Advantage Savings Account is designed to emphasize that financial fitness from a young age is crucial characteristic for personal development as well as to build up our economy to admirable heights. Starting an account in the child’s name can be a good start to this.
Features & Benefits of an HDFC Kids Advantage Account
- Free Education Insurance of INR 100,000 for the child if the parent or guardian passes away due to motor accident by road, rail or air.
- Your child (aged 7 to 18) can have his/ her own ATM Debit Card with the parent or guardian's approval. Daily ATM withdrawal limit for the child is INR 2500. But they can shop for INR 10,000 per day at any mercantile.
- Avail complimentary PAP cheque book for your kid when you start the account.
- Keep track of the account through your Net Banking Account, Mobile Banking Account and free monthly e-statements.
- It is recommended that you transfer INR 1000 or more from your personal account to your HDFC Kid's Advantage account monthly for a term of at least one year.
- When the amount in the Kid's Advantage Account crosses INR 35,000, the money after INR 25,000 will be immediately transmitted to an FD for 1 year in the child’s name. This is a ‘MoneyMaximizer’ feature specially offered for this account users.
Eligibility for HDFC Kids Advantage Account
- Kid’s Advantage Account can be started in your child’s name (below age 18) if you have any HDFC Savings Account in your name.
How to start an HDFC Kid's Advantage Account
- To open a Kid’s Advantage account you have to follow certain criteria:
- Keep the required Average Monthly Balance of INR 5000.
If the account falls short of this amount, the following penalty will be charged:
|Average Monthly Balance||Penalty charges if you do not maintain the AMB|
|Between INR 2500 to INR 5000||INR 150|
|Less than INR 2500||INR 300|
Fees & Charges On HDFC Kids Advantage Account
|Fee & Charge Description||HDFC Kid’s Advantage Account|
|Cheque Book||First PAP cheque book for free.|
Following cheque books will be levied INR 3 per leaf
|For issuance of duplicate statements||From the nearest branch - INR 100|
Phone Banking (Non IVR) – INR 75
Net Banking, Mobile Banking, Phone Banking - IVR & ATM - INR 50
For Senior Citizen
From the nearest branch - INR 50 per statement
|Hold Statement||INR 400 per annum|
|To issue Passbook||Free|
|For Duplicate Passbook||INR 100|
|Cheque Collection - Local Clearing Zone||Free|
|Cheques dropped - outward||INR 50|
|Interest Certificate||INR 50|
|To close the Account||Up to 2 weeks – 0 |
From 3rd week to 1 year - INR 500
|Photo Attestation||INR 100 per case|
|Address Confirmation||INR 50 per case|
|Stop Payment Fees||Particular Cheque - INR 50 (Free if paid through Phone banking and Internet Banking)|
|To retrieve old records, bills, cheques etc.||INR 50 for the first year and afterwards INR 100 per record.|
|Local Cheque deposited for outstation accounts||Free|
|Phone banking - IVR||Free|
|ATM Card||Free. If the card is damaged, HDFC will issue a new card for free. But in case of loss or theft, new card will cost INR 200.|
|ATM/ Debit Card Transaction Charge||
|Debit Card Transaction Charge - Non HDFC Bank International ATMs||INR 15 for balance enquiry.|
The Bank will levy transnational-currency mark-up of 3.5% on international transactions using Debit Cards.
|PIN regeneration fee||INR 50 exclusive of taxes|
|IMPS (Immediate Payment Service) – Outward||INR 5 for Amount up to INR 1 lakh plus taxes|
INR 15 for Amount between 1 – 2 lakhs
|ECS (Debit) Return Fees||INR 350 if this is occurring for the first time and INR 750 from the second time onwards.|
|For every returned deliverable||INR 50 per case|
|TIN Regeneration requested at bank for dispatching in person||INR 50 per case|
|IPIN Regeneration requested at bank for dispatching in person||INR 100 per case|
|Standing Instruction rejects||INR 200 per case|
Teaching your kids how to spend and save wisely is one of the best life lessons you can impart to them as parents. This will ensure that they will grow to be money-wise and self-reliant for life. Open a Kids Advantage Account today itself!
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.