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  • HDFC Kids Advantage Account

    HDFC Bank Savings Account

    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.
    For Secured Financial Future
    • 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 BalancePenalty charges if you do not maintain the AMB
    Between INR 2500 to INR 5000INR 150
    Less than INR 2500INR 300

    Fees & Charges On HDFC Kids Advantage Account

    Fee & Charge Description HDFC Kid’s Advantage Account
    Cheque BookFirst PAP cheque book for free.
    Following cheque books will be levied INR 3 per leaf
    For issuance of duplicate statementsFrom 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 StatementINR 400 per annum
    To issue PassbookFree
    For Duplicate PassbookINR 100
    Cheque Collection - Local Clearing ZoneFree
    Cheques dropped - outwardINR 50
    Interest CertificateINR 50
    TDS CertificateFree
    To close the AccountUp to 2 weeks – 0
    From 3rd week to 1 year - INR 500
    Photo AttestationINR 100 per case
    Address ConfirmationINR 50 per case
    Stop Payment FeesParticular 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 accountsFree
    Phone banking - IVRFree
    ATM CardFree. 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
    HDFC BANK ATMsOther Bank ATMs
    5 free transactions in a month(a) In Top 6 cities, you can enjoy 3 free transactions
    (b) In Non Top 6 cities, get 5 free transactions
    • Money withdrawal - INR 20 exclusive of taxes
    • Non-Financial Transaction - INR 8.5 exclusive of taxes
    Debit Card Transaction Charge - Non HDFC Bank International ATMsINR 15 for balance enquiry.
    The Bank will levy transnational-currency mark-up of 3.5% on international transactions using Debit Cards.
    PIN regeneration feeINR 50 exclusive of taxes
    IMPS (Immediate Payment Service) – OutwardINR 5 for Amount up to INR 1 lakh plus taxes
    INR 15 for Amount between 1 – 2 lakhs
    ECS (Debit) Return FeesINR 350 if this is occurring for the first time and INR 750 from the second time onwards.
    For every returned deliverableINR 50 per case
    TIN Regeneration requested at bank for dispatching in personINR 50 per case
    IPIN Regeneration requested at bank for dispatching in personINR 100 per case
    Standing Instruction rejectsINR 200 per case
    Conclusion:

    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!

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