Best Kids Saving Account In India | Options For Child Savings Account
Best Kids Saving Account In India
Securing the kid’s future is one of the furthermost concerns of every guardian because each parent wants to accomplish the requirements of their children. Having a kid’s savings bank account helps you to build a corpus for child’s future needs as well as build the habit of savings. So we are displaying the Best Kids Saving Account in India in this article. There are plenty of options available in the market but among them to pick out the excellent Options for Child Savings Account is archetypal assignment.
To create a saving account is the best and safe ways to accumulate savings for your kid’s future and teach them how to manage funds properly. Most of the leading bank like as SBI bank, ICICI Bank, HDFC Bank and many more offers various schemes interesting for the bright future of your kids. If you haven’t opened your kid bank account yet, open a saving account and for this, you may have a look below…
Best Kids Saving Account in India
- SBI PehlaKadam PehliUdaan
- HDFC Kids advantage Account
- Kotak My Junior Account
- ICICI Bank Young Star Account
- Axis Future Stars Saving Account
SBI PehlaKadam PehliUdaan
Looking for saving account bank which is best of your kids? SBI is must be your choice it is a government sector bank which is totally secure and State bank of India has launched two accounts especially for kids. Pehli Udaan is singly operated savings bank account for a minor aged 10 year and Pehla Kadam is saving account for any age operated jointly with guardian. It other features are internet banking with limited transaction, fixed deposit, recurring deposits and many more. Both accounts provide multiple features for the ease and convenience of kids.
|Minimum Balance||Not required|
|Interest Rate||4.00% p.a. calculated on a daily balance|
|Card Offered||Photo ATM cum debit cards.|
PehlaKadam Account Features
- This account is for minor of any age.
- It can be jointly opened with guardian.
- No Minimum balance requirement in this account.
- Special ATM card with imprinted child photo will be provided.
PehliUdaan Account Features
- This account is for minor above 10 years age.
- It can be opened on the individual name of child.
- Rest of the features of this account is as similar to PehlaKadam.
- Date of birth certificate
- KYC of the guardian
Read Also – Current Account VS Savings Account
HDFC Kids Advantage Account
If you already have an account in HDFC bank then you can easily open Kids advantage Account easily. To transfer any amount from your account to your Kid’s Advantage account is mandatory option. The most important feature which the bank provides free education insurance cover of Rs 1, 00,000 in the case of parent’s death. Starting an account in the child’s name offers a better and secure future of your child.
|Fee & Charge Description||HDFC Kid’s Advantage Account|
|Cheque Book||First PAP cheque book for free|
|Hold Statement||INR 400 per annum|
|To issue Passbook||Free|
|Phone banking – IVR||Free|
Features & Benefits
- It provided fabulous facility is the guardian passes away due to any accident the child will get Free Education Insurance of INR 100,000.
- The child of having the age 7 to 18 can acquire own ATM card.
- The withdrawal limit for the child is INR 2500 per day.
- When you start your kid account you will get PAP cheque book for your kid.
- Also obtain the various banking service as Net Banking, Mobile Banking etc.
Kotak My Junior Account
Selecting an appropriate bank is a frugal option Kotak mahindra is the only bank which provides outstanding facility that 6 per cent per annum on the Kotak Junior account. For long term savings of your kid it posses another option i.e. users have another option 10 year Recurring Deposit and linked Systematic Investment Plans. It offers all types of banking facility which a customer requires.
|Interest Rate||6% interest p.a|
|Cash back up to||Rs. 4500|
Benefits and features
- Users will get Free ATM use for Pro and Ace Account.
- It offers to customers 6% interest p.a. on Savings amount.
- Tax free interest up to 1,500 also provided.
- You will get 25% cashback on issuance fee of Travel Card.
- The kids who are above 10 years old get Personalized Debit Cards.
- Child will find 15% rebate on locker fee.
You May Like To Read – Top 10 Banks To Open Savings Account In India
ICICI Bank Young Star Account
Today, guardians are trying their best to figure out a way to balance needs and demands without hurting their child feelings. ICICI Bank is the largest private sector bank in India. The significant condition for applying there is guardian also has their own account in ICICI bank. In the event of the parent not holding an account that the they and their can kid can apply simultaneously
|Minimum Monthly Balance Requirement||INR 2500|
|Interest Rate||4 percent annually|
Features & Benefits
- You will obtain pre-paid recharging facility.
- Get your own custom-made debit card.
- The spending and withdrawing limit is INR 5000.
- Feature to transfer cash from the guardian’s account to kid account.
Axis Future Stars Saving Account
Axis bank is third largest private sector bank in India and offers various facilities to its customers and their kids. Axis Future Stars Saving is the special account for those children that come under age of 18. It requires no any Average Monthly Balance. But in the case of deposit Rs.25,000 for a six month then you have to maintained the Rs.2,000 for a year.
|Minimum Balance Requirement||Rs 2,500 (in metros)|
|Interest Rate||4% on daily balance; interest paid quarterly|
Features & Benefits
- The users will get their own ATM card.
- The cash Withdrawal Limit is Rs 1,500 per day.
- Customer may attain via monthly e-statements or passbook.
- Lost card liability & purchase protection liability up to Rs 50,000 is also provided.
- Customers can acquire all types of banking facility.
From the day a baby is born, parents fear for the safety, bright future and lots of things. They created many dreams in their mind, saving accounts help you to protect your child and fulfill their aim. Users can open their kids account in the only bank in which they already have account.