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IDBI Power Kids Savings Account

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.

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.

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