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What is the best saving bank account for minors?
- Thread starter Juggi_Lal
- Start date
Depends on what exactly you want from that account. More or less features offered are the same. Private Sector Banks have MAB requirements even for minor accounts while public sector banks are much better in this regard.
federer.reddevil
TF Ace
I think you can get Student accounts with 0 MAB only DC charges from many PSU banks. I really like the Vidyarthi account from PNB.
Another 0 MAB account is from Jupiter
Another 0 MAB account is from Jupiter
I have taken ICICI Bank Young Stars savings account for my son. I use this account for making investments(Mutual Funds, PPF) for his higher education.
www.icicibank.com
Young Stars Account | Kids Savings Account | Childs Saving Accounts | ICICI Bank India
You can open and operate the account to plan your child’s need, right from a young age. Get complimentary personal accident insurance protection and purchase protection cover on your Savings Account.
I have opened IDFC Minor Account for my 1 year old baby. 25k Initial Deposit , No Transfers applicable. Any transaction from minor accout need to visit branch.
I have taken HDFC Bank one. It has MAB reqts as well each month you need to set-up SI of 5000 transfer from your account to minor account for 12 months but it can be made as RD from minor account.
But good news is you can add it to family banking and if you are already in preferred or imperia, it becomes zero balance. Not only that they gave Rupay platinum Debit card in kids name. So my 7 year old son got his own domestic lounge access and using the money generated by RD for playing in Time zone 😀
But good news is you can add it to family banking and if you are already in preferred or imperia, it becomes zero balance. Not only that they gave Rupay platinum Debit card in kids name. So my 7 year old son got his own domestic lounge access and using the money generated by RD for playing in Time zone 😀
another
TF Buzz
HDFC informed me that DC is issued only for the kids above 10 years of age. How did you get for younger one?
Can you tell me if they opened the account with first holder as your child name with parent as second holder? The RM at the hdfc branch told me that they cannot open an account with the child as first holder since child is minor.
On the website the age limit says less than 18 years. Where did you see 3 years? Can you share the link please, will show the link to the RM and ask him to open the account. These RM don't seem to know much
It is minor account with me as guardian and under my pan card.
This is the account I opened. Read below the features and terms and conditions.
There is another account called kids advantage also. Explore that as well.
another
TF Buzz
Can child get easyshop platinum card in his minor account after linking it with father's classic account?
Correct. They will create a customer ID for the minor. Account name display in netbanking will be KIDS NAME U/G GUARDIAN NAME. This account will be visible to you in your netbanking and you can transact. You will get consolidated smart statement as well. Don't forget to include this customer ID under classic or preferred or imperia programs if you wish to have 0 balance.
Thanks. This helps a lot. In March 23, I went to open an minor account for my child at the branch and the RM was just clueless. Said cannot open with minor as first name. Maybe they don't get a lot of commission for minor accounts or genuine had no idea!
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