|Category||Savings Account for Minors|
|Minimum Balance||Not required|
|Interest Rate||4.00% p.a. calculated on a daily balance|
|Card Offered||Photo 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 limit||Minors of any age||Minors above the age of 10|
|Operation||Jointly with parent/guardian||Independently|
|Minimum Balance||Not required||Not required|
|Maximum balance||Rs. 5 lakhs (Rs. 10 lakhs aggregate deposit )||Rs. 5 lakhs (Rs. 10 lakhs aggregate deposit )|
|Overdraft facility||Overdraft against Fixed deposits for parent/guardian or two months' salary in case of Corporate Salary package||Not available|
|Insurance options||Personal Accident Insurance Cover (offered by SBI General) for the Parent||Not available|
Services With SBI Savings Account For Minors
|Internet Banking||Yes. Limited rights with transaction limit of Rs. 5,000 per day.|
|Mobile banking||Yes. 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 instructions||One standing instruction for recurring deposits free of cost.|
|Issue of Pass book||Nil|
|Duplicate Pass book/Statement||Rs.112/- with latest balance|
|Transfer of Account||Rs.112/-(inclusive of postal charges).|
|Within 14 days||Nil|
|Upto 6 months||Rs.337|
|6 - 12 months||Rs.225|
- 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.