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  • SBI Savings Account For Minors

    Savings Account
    • Instant money transfer
    • 24x7 ATM withdrawals
    • Attractive rate of interest

    Highlights Of SBI Savings Bank Account For Minors

    CategorySavings Account for Minors
    Minimum BalanceNot required
    Interest Rate4.00% p.a. calculated on a daily balance
    Card OfferedPhoto ATM cum debit cards.

    Features and Benefits Of SBI Savings Account For Minors

    • SBI offers two schemes for minors known as PehlaKadam and PehliUdaan.
    • No minimum balance required.
    • Can be opened jointly with parents or guardians.
    • Transfer the account to any SBI Branch without changing the account number.
    • Nomination facility available.
    • Interest is calculated on the daily balance at 4% p.a.
    • Photo ATM cum debit card with withdrawal/POS limit of Rs. 5,000.
    • Specially designed branded passbook and cheque book issued free of cost.
    • Smart Scholar - Child Plan can be availed with inbuilt premium waiver and loyalty additions to fulfil your child's dreams.
    Age limitMinors of any ageMinors above the age of 10
    OperationJointly with parent/guardianIndependently
    Minimum BalanceNot requiredNot required
    Maximum balanceRs. 5 lakhs (Rs. 10 lakhs aggregate deposit )Rs. 5 lakhs (Rs. 10 lakhs aggregate deposit )
    Overdraft facilityOverdraft against Fixed deposits for parent/guardian or two months' salary in case of Corporate Salary packageNot available
    Insurance optionsPersonal Accident Insurance Cover (offered by SBI General) for the Parent Not available

    Services With SBI Savings Account For Minors

    Internet BankingYes. Limited rights with transaction limit of Rs. 5,000 per day.
    Mobile bankingYes. Limited rights with transaction limit of Rs. 2,000 per day.
    Auto sweep facility Yes. Excess of Rs. 20,000 will be invested in fixed deposits in multiples of Rs. 1,000 subject to a minimum of Rs. 10,000.
    Standing instructionsOne standing instruction for recurring deposits free of cost.
    Fees and charges
    Issue of Pass bookNil
    Duplicate Pass book/StatementRs.112/- with latest balance
    Balance enquiry Nil
    Transfer of AccountRs.112/-(inclusive of postal charges).
    Account closure
    Within 14 days Nil
    Upto 6 months Rs.337
    6 - 12 months Rs.225
    Inoperative accountNil
    Transactions at State Bank Group ATMs Free
    Transactions at Other Bank ATMsFree up to 5 transactions. After that, financial transactions are charged Rs. 17, and non-financial Rs. 6.
    Funds transferNo intercore charges
    Documents Required
    • Date of Birth proof of the Minor
    • KYC of the Parent

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    GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.

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