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Product Details
Bank Name

State Bank Of India

Account Name

Account Type

Savings

Interest Rate

Balances less than Rs. 10 Crore - 2.70% p.a.
Balances Rs. 10 Crore & Above - 3.00% p.a.

Free Debit Card

Photo
ATM-cum-Debit
Card

Savings Account for Minors
Account Opening Fees

0

Annual Maintenance Fees

Nil

Minimum Account Balance

Nil

Debit Card Charges

0

NEFT Charges

Nil. However a per day transaction limit has been set

IMPS Charges

Nil. However a per day transaction
limit has been set

Fees and Charges

Savings Account for Minors

Special Features
help children learn the importance of saving money and also allow them to experiment with the 'buying power' of money.
Eligibility Criteria
PehlaKadam : Minor of any age. This account will be jointly opened with the parent/guardian. PehliUdaan : Minors above the age of 10 years and who can sign uniformly. This account will be opened in the sole name of the minor. Mode of Operation PehlaKadam : Jointly with the Parent/ Guardian or Singly by Parent/ Guardian PehliUdaan : Singly operated
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Monthly Average Balance (MAB) requirement not applicable. Cheque-books are available issued in the name of the guardian and the minor. Photo ATM-cum-Debit Card. Mobile Banking facility also available.
Cons
limited transaction right, Per day transaction limit of Rs. 2,000/- (Mobile Banking). Maximum Balance which can be kept in the account is Rs. 10 Lakhs.
Application Procedure

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Product Review
Account Opening and Procedure
How to open an Account?
Application Procedure
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