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HDFC Kids Savings Account

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    HDFC Bank also offers Savings Account for Minors via its HDFC Bank Kids Advantage Account. This account can help your children develop a habit of money management.

Free Education Insurance cover of Rs.1,00,000/- in the event of death of the parent/ guardian through vehicular accident by road, rail or air to safeguard the future of the child

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Standing Instruction to transfer any amount from your account to your Kid's Advantage account every month (Minimum value Rs. 1,000 & Minimum tenure 1 year) (Mandatory)

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"MoneyMaximizer" (sweep-out) facility: Once the balance in the Kid's Advantage Account reaches/exceeds Rs. 35,000, the amount in excess of Rs. 25,000 will automatically be transferred to a Fixed Deposit for 1 year and 1 day, in child's name

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  • Free Education Insurance cover of Rs.1,00,000/- in the event of death of the parent/ guardian through vehicular accident by road, rail or air to safeguard the future of the child

  • Standing Instruction to transfer any amount from your account to your Kid's Advantage account every month (Minimum value Rs. 1,000 & Minimum tenure 1 year) (Mandatory)

  • Once the balance in the Kid's Advantage Account reaches/exceeds Rs. 35,000, the amount in excess of Rs. 25,000 will automatically be transferred to a Fixed Deposit for 1 year and 1 day, in your child's name, if you sign for our "MoneyMaximizer" (sweep-out) facility.

  • My Passion Fund: A deposit experience giving a child the flexibility to deposit money whenever it is available and make his/ her dreams a reality with small timely savings starting from Rs.1,000

  • ATM/International Debit Card will be issued in your child's name with your permission.

  • Your child can withdraw Rs. 2,500 at ATMs and spend Rs. 10,000 at merchant locations per day.

The verdict

    There are several benefits like ATM-cum Debit Card, Insurance facility, etc. Your child will have limited access to funds until the age of 18. The parent/guardian must have an HDFC Savings Bank Account to open the HDFC Kids Advantage Account.

Rating

average rating is 4 out of 5

How to get

  • Visit the official website or official website

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