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SBI Savings Account For Minors

Bank SBI
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.
Features PehlaKadam PehliUdaan
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.
Fees and charges
Issue of Pass book Nil
Duplicate Pass book/Statement Rs.112/- with latest balance
Balance enquiry Nil
Transfer of Account Rs.112/-(inclusive of postal charges).
Account closure
Within 14 days Nil
Upto 6 months Rs.337
6 - 12 months Rs.225
Inoperative account Nil Transactions at State Bank Group ATMs Free Transactions at Other Bank ATMs Free up to 5 transactions. After that, financial transactions are charged Rs. 17, and non-financial Rs. 6. Funds transfer No intercore charges
Documents Required
  • Date of Birth proof of the Minor
  • KYC of the Parent

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

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