Saving for the future of a child has over the past years got a grip over society. Now, irrespective of the age of the child, parents are starting to save for their child - for their education, marriage, etc. Banks too have sensed the trend and have started to roll out savings accounts for minors - that would be opened by their parents or guardians on their behalf. One such bank that is doing just that is Punjab National Bank. Recently, they have rolled out the PNB Junior SF Account for parents to save for the future of their child.
Features and benefits of the PNB Junior SF Account
- For parents or guardians that wish to open the PNB Junior SF Account, there is no initial deposit requirement to open the account.
- Neither is there a minimum quarterly average balance requirement.
- When opening the account, parents are given a free cheque book on behalf of the minor. The cheque book contains 20 cheque leaves.
- Parents or guardians can make free NEFT fund transfers on behalf of their child up to Rs.10,000 per day.
- Demand drafts made by parents or guardians for the child’s school or college fees are completely free.
- A free RuPay debit card is issue when opening the account. With this card, parents or guardians can make ATM withdrawals up to Rs.5,000 per day.
- With regard to internet banking facilities and mobile banking facilities, the customer (parents or guardians) can only view the balance in the account and monitor the cash flow - in and out of the account.
- With the PNB Junior SF Account, there is no overdraft facility.
Eligibility for the PNB Junior SF Account
The PNB Junior SF Account can be opened by parents or guardians on behalf of the minor if the minor is below the age of 10 years old. The parents or guardians in this case have to provide the necessary KYC documents proving their relationship with the child. If the minor is above the age of 10 years, he/she can open a PNB Junior SF Account independently. That said, the minor will also have to provide the necessary documents to be eligible for the PNB Junior SF Account.
Documents required to apply for the PNB Junior SF Account
- Parents or guardians opening the account on behalf of their child should provide the necessary KYC (Know Your Customer) documents to prove their relationship with the child.
- Identity proof - Passport, Voter’s ID card, driver’s license, Aadhaar card, etc.
- Address proof - Passport, Voter’s ID card, driver’s license, etc.
- Birth certificate of the child.
- For those who are not the natural guardians of the child, they would have to provide valid adoption certificates.
- If the minor is above the age of 10 years old, he/she can open the PNB Junior SF Account independently - without his/her parents opening the account on his/her behalf. To do so, the minor will have to submit the necessary documents:
- Birth certificate proving the age of the minor.
- Any identification certificate that has been approved by the government.
- Address proof of the minor - proving that the child and the legal guardians or parents are in fact residing together.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.