Product Details
Bank Name
State Bank Of India
Account Name
SBI Savings Account For Minors
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
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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
SBI Savings Account For Minors
Special Features
The account can be opened for minors.
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Monthly Average Balance (MAB) requirement not applicable.
Account can be opened for minors.
Account can be jointly operated by parents and children.
Cheque-books are available issued in the name of the guardian and the minor.
Photo ATM-cum-Debit Card.
Cons
Limited transaction rights.
Low interest.
Minimal value add benefits.
SBI Savings Account For Minors
The account comes with low interest rate and offers average value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
Here's how to open an SBI savings account for a minor:
1. Visit your nearest SBI branch.
2. Collect the account opening form.
3. Fill out the form: Provide accurate information about the minor and the guardian/parent.
4. Submit the form and required documents: The documents required may vary depending on the account type and age of the minor. Generally, you'll need:
Proof of Identity: Aadhaar card, birth certificate, passport, etc. of the minor.
Proof of Address: Address proof of the guardian/parent.
Photographs: Recent photographs of the minor and guardian/parent.
KYC documents: Aadhaar card, PAN card, etc. of the guardian/parent.
5. Account Activation: Once your application is processed, the account will be activated.