New Delhi: Do you want to inculcate the habit of savings in your child? Then introduce him/her to the banking system. State Bank of India (SBI) has introduced Pehla Kadam and Pehli Udaan savings account for minors. SBI on microblogging site Twitter said, “Introduce your children to modern-day banking, responsible spending and the power of savings with Pehla Kadam and Pehli Udaan Savings Accounts! Loaded with various features, these accounts prepare your little ones for a sound financial future”.
“Pehla Kadam and Pehli Udaan, are complete bouquets of banking products, that will not only help children learn the importance of saving money but will also allow them to experiment with the ‘buying power’ of money,” the SBI official website says.
Here are some of the important features of SBI’s Pehla Kadam and Pehli Udaan accounts:
1. Eligibility
Pehla Kadam: A minor of any age can open this account, but it has to be jointly opened with the parent or guardian.
Pehli Udaan: This account can be opened in the sole name of the minor above the age of 10 years who can sign uniformly.
2. Monthly Average Balance requirement: Zero
3. Maximum Balance: Rs 10 lakh
4. Transaction limit: Both the accounts have a transaction limit of Rs 5,000 per day, in case of internet banking, and of Rs 2,000 with mobile banking. One can make bill payments, inter-bank funds transfer (NEFT only), get demand drafts and open e-term deposits from these accounts.
5. ATM-cum-Debit Card
Pehla Kadam: Child’s photo embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs 5,000 will be issued in the name of the minor and guardian.
Pehli Udaan: Photo embossed ATM-cum-Debit with withdrawal/POS limit of Rs 5,000 will be issued in the name of the minor.
6. Auto sweep: The auto sweep facility is available with both these accounts with a minimum threshold of Rs 20,000. Sweep in multiple of Rs 1,000 with a minimum of Rs 10,000