What is the best saving bank account for minors?

[Juggi_Lal]

Hi, I wanted to know what is best savings account for minors (under 18)

 

[thanix]

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!

It is expected as I see most of them don't know anything. I have to guide them. Ask them to call their regional office and get information. It is the most effective way.

 

[Nubar]

I went with ICICI for my < 1 year kid. Process is simple & straightforward. Within a week, the account is active in kids name with mine as guardian, linked with my ICICI account, received the cheque book and debit card. The requirement is 2500 minimum balance with initial funding of 55k. I'll be opening SSY, PPF & MF accounts with the same bank account.

 

[another]

I went with ICICI for my < 1 year kid. Process is simple & straightforward. Within a week, the account is active in kids name with mine as guardian, linked with my ICICI account, received the cheque book and debit card. The requirement is 2500 minimum balance with initial funding of 55k. I'll be opening SSY, PPF & MF accounts with the same bank account.

ICICI gives cheque book and debit card for minor account (child below 1 year age). They denied me even for 8 year old child.

 

[Riva]

I went with ICICI for my < 1 year kid. Process is simple & straightforward. Within a week, the account is active in kids name with mine as guardian, linked with my ICICI account, received the cheque book and debit card. The requirement is 2500 minimum balance with initial funding of 55k. I'll be opening SSY, PPF & MF accounts with the same bank account.

What is the name of the account and did you open it online or via branch?
What docs did they ask?

 

[Riva]

ICICI gives cheque book and debit card for minor account (child below 1 year age). They denied me even for 8 year old child.

Looks like every branch and bank is doing their own thing when it comes to minor accounts.

 

[V G]

What I know is Debit card is allowed only when child is at least 10 years old.

 

[another]

What I know is Debit card is allowed only when child is at least 10 years old.

I also know the same. However above comments from @Nubar about ICICI and @thanix about HDFC force me to revisit the banks.

 

[another]

What is the name of the account and did you open it online or via branch?
What docs did they ask?

Not yet opened. I queried before opening. they declined DC. I declined account opening

 

[Nubar]

What is the name of the account and did you open it online or via branch?
What docs did they ask?

1. Young star account
2. Applied via branch.
3. Birth certificate, Aadhaar card, parent Aadhaar card, parent Pan Card, cheque for initial funding.

 

[Nubar]

I also know the same. However above comments from @Nubar about ICICI and @thanix about HDFC force me to revisit the banks.

It may depend on branch but in my case, it was offered by default without any negotiations.

 

[Riva]

1. Young star account
2. Applied via branch.
3. Birth certificate, Aadhaar card, parent Aadhaar card, parent Pan Card, cheque for initial funding.

Thanks

 

[DoctorDang]

I recently opened IDFC 25k mab account for my 1 month old child. It was linked to my account as guardian. Debit card and cheque book were delivered within 1 week. I can use all the mobile banking services from the idfc app only except debit card controls which are not visible on the mobile app.

 

[Riva]

I recently opened IDFC 25k mab account for my 1 month old child. It was linked to my account as guardian. Debit card and cheque book was delivered within 1 week. I can use all the mobile banking services from the idfc app only except debit card controls which is not visible on the mobile app.

That's nice. Debit card was issued in the child's name?

 

[DoctorDang]

That's nice. Debit card was issued in the child's name?

Yes

 

[2024]

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 ve wealth account with idfc nw m going to open minor account under family banking ( will be 0AMB after grouping) for my son 12&7 yr,can we operate their account on my existing idfc app as they will be connected with my mobile number, and after 18yrs age of son can this account be converted to normal account with full rights to son.

 

[DoctorDang]

I ve wealth account with idfc nw m going to open minor account under family banking ( will be 0AMB after grouping) for my son 12&7 yr,can we operate their account on my existing idfc app as they will be connected with my mobile number, and after 18yrs age of son can this account be converted to normal account with full rights to son.

Yes, both the minor accounts will be visible on your idfc app. After 18 years of age, the minor account will be automatically converted to a regular account. I confirmed this with my RM.

 

[2024]

1. You mentioned that for Every transaction for minor account we have to visit branch, can i deposit or transfer from minor account on my idfc app, did we receive wealth debit card for minors 2. Pl suggest idfc wealth or ICICI wealth account which is good for family grouping

Yes, both the minor accounts will be visible on your idfc app. After 18 years of age, the minor account will be automatically converted to a regular account. I confirmed this will my

 

[DoctorDang]

1. You mentioned that for Every transaction for minor account we have to visit branch, can i deposit or transfer from minor account on my idfc app, did we receive wealth debit card for minors 2. Pl suggest idfc wealth or ICICI wealth account which is good for family grouping

1. Sorry, I never mentioned that for every transaction we have to visit the branch. Somebody else might have mentioned it. I can confirm from my personal experience that you can do all the transactions (imps ,etc) from the minor account from your idfc app. Only debit card controls (for enabling/disabling the domestic/international transactions) of the minor account are not visible on the app. We might have to visit the branch for it.
2. Currently I am not a select/wealth account holder of idfc or icici, so I cannot give any recommendations.

 

[shashank08]

Yes

Did you get DC automatically for your 1 month old child or specifically applied offline?
For me, IDFC bank denied DC for my minor kid

 

[shashank08]

1. Sorry, I never mentioned that for every transaction we have to visit the branch. Somebody else might have mentioned it. I can confirm from my personal experience that you can do all the transactions (imps ,etc) from the minor account from your idfc app. Only debit card controls (for enabling/disabling the domestic/international transactions) of the minor account are not visible on the app. We might have to visit the branch for it.
2. Currently I am not a select/wealth account holder of idfc or icici, so I cannot give any recommendations.

What I know from my experience IDFC doesn't provide DC for minor account before minor turns 10.

I was denied DC for minor account. So I am not sure if any specific procedure needs to follow to get DC for below 10yrs old minor.