Product Details
Bank Name
Ujjivan Small Finance Bank
Account Name
Ujjivan Minor Saving Account
Account Type
Saving
Interest Rate
Upto 1 Lakh - 3.5% Above 1 Lakh And Upto 5 Lakh 6% Above 5 Lakh And Upto 25 Crore 7%
Free Debit Card
Rupay Classic
(On request for minors above 10 years only)
Account Opening Fees
0
Debit Card Charges
RuPay Classic Debit Card - Issuance fee - 0. Annual maintainence fee from 2nd year onwards INR 100
Annual Maintenance Fees
0
NEFT Charges
Free
Minimum Account Balance
0
IMPS Charges
Up to INR 100,000 – INR 5
INR 1,00,000 to INR 2,00,000 – INR 15
Fees and Charges of
Ujjivan Minor Saving Account
Ujjivan Minor Saving Account
Special Features
Eligibility Criteria
Benefits
Features, Eligibility and Benefits of
Ujjivan Minor Saving Account
Pros & Cons of
Pros
No average monthly balance criteria.
No charges on non-maintenance of minimum balance.
Can be converted into a regular savings account when your child turns into a major (18 Years).
Provision of Debit card for minors above 10 years (upon request).
Free SMS alert facility to your registered mobile number.
5 free transactions per month at any other Bank's ATM.
High interest rate.
Cons
Account cannot be opened digitally.
Ujjivan has limited branch and ATM network.
Ujjivan Minor Saving Account
Ujjivan Minor Saving Account
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
Review of
Ujjivan Minor Saving Account
Account Opening and Procedure of
How to open an Account?
Visit a Ujjivan SFB Branch: Go to the nearest branch with the minor and the guardian.
Obtain an Application Form: Request a Minor Savings Account application form from the bank staff.
Fill Out the Form: Complete the form with the minor's details, guardian's details, and other necessary information.
Submit Documents: Submit the filled-out form along with the required documents (see below).
Initial Deposit: Make the required initial deposit (if any).