HDFC Kids Savings Account
- 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
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)
"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
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.
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