A penny saved is a penny earned and the best way to teach this idea to your kid is by letting them handle their own savings account. IDBI Power Kids Savings Account is a piggy bank for kids which will not only help them save money but will also provide interest on the money. IDBI Power Kids Savings Bank Account comes with benefits like debit card, passbook, cheque book and Net Banking. With this account, children will learn how modern internet banking works and will be able to handle their money independently when they grow up.
| Bank | IDBI |
| Category | IDBI Power Kids Savings Account |
| Minimum Balance Requirements (MAB) | Zero Balance Savings Account |
| Initial Deposit Requirements | Nil |
| Interest Rate | 4% per annum on daily balance basis |
| Debit Card Offered | IDBI Bank Kids Debit Card |
Services Offered with IDBI Power Kids Savings Account
Given below are some of the services that come with IDBI Power Kids Savings Account.
| Internet Banking | Offered on request |
| Passbook | Passbook is provided at no extra cost. |
| Cash Withdrawals at other bank ATMs | 5 free transactions per month |
| Cheque Book | Free personalized cheque book |
| E-Statements | Free monthly account statement will be sent to the registered mail id on request, |
Features of IDBI Power Kids Savings Account
IDBI Power Kids Savings Account customers enjoy the benefits described below.
| Exclusive ATM Cards | Kids get specially designed ATM card with IDBI Power Kids Savings Account. |
| Free Passbook | Account holders are offered free passbook which will help them maintain their account in a better way. |
| Insurance Cover with Debit Card | Customers are offered an insurance cover of up to Rs. 8000 against counterfeit and lost cards. |
| No charges for maintenance of AQB | If the Average Quarterly Balance falls below the set limit, the customer will not be levied any penalty. |
| Loyalty Rewards | For every Rs. 100 spent using the IDBI Kids Card, the account holder gets 2 loyalty points |
| Withdrawal Limits | Account holder can withdraw up to Rs. 2000 per day with IDBI KIds ATM cum Debit card |
Fees and Charges for IDBI Power Kids Savings Account
The fees and charges for services that come with IDBI Power Kids Savings Account are given below.
| Services / Products | Fees and Charges |
| Minimum Average Balance to be maintained | Rs. 500 |
| Fees for non maintenance of Average Quarterly Balance | Nil |
| Number of free ATM transactions at other bank ATMs | Five free ATM transactions at other bank ATMs located in non metro locations |
| Passbook | Free |
| PoS withdrawal Limit | Rs. 2000 per day |
| Demand Draft Charges | On request only |
| Pay Order Charges | On request only |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
