State Bank of India (SBI), the largest bank in the country, has launched two Saving Accounts for Minor Children under the Banking Services Division, SBI Pehla Kadam and Pehli Udaan. These accounts can help prepare your young children for a better financial future. Also increase the habit of saving money quickly. Here are some benefits of Pehla Kadam, Pehli Udan Savings Account. This account can be opened in the name of a minor at any age. But this account should be started as a joint account with the parents or guardian. The value of SBI Pehla card account transactions with internet banking is limited to Rs.5000 per day. The same is true for mobile banking, where the SBI Pehla card interest rate of Rs 2,000 per day is equivalent to an SBI savings account.
SBI currently offers an interest rate of 2.70 per cent on deposits of less than Rs 1 lakh. An ATM-come-debit card with a photo of the child on the account will be issued in the name of the minor as well as the parents. Transactions up to Rs.5000 can be done at ATM or POS. A personal checkbook (10 checks) issued to the custodian in the name of the minor. This account can only be opened in the name of a minor. However, their age must be more than 10 years.
The account limit is Rs.5000 per day for internet banking and Rs.2000 per day for mobile banking. Interest rates are similar to SBI savings account. An ATM-Com-Debit Card with a photo of a child on the SBI Pehli Udan account will be issued in the name of the child with a transaction limit of Rs.5000. Personalized checkbook (10 checks) issued in the name of the child.