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)

 

[2024]

I had opened minor account with IDFC for my 6 months old child 4 years ago via RM who came to home for account opening process.
Took just 2 days to get account activated and received minor's debit card within a week which was issued by default.

Later our accounts got automatically upgraded to Wealth and received new Wealth debit cards for both me and minor account.

So far good experience with IDFC for minor account, only limitation is Minor's Debit card cant be managed online, so any limit modifications etc. need to be done via branch via hand-written application. Pin can be set via IVR Call.
I guess this is standard rule across all banks regarding Debit card not available online to manage until child attains 10 year above age.

Sir, m on wealth account and my both kids minor accounts opened as wealth attached with my account, any specific benefit or precautions dealing with minor account or accounts under same id

 

[Riva]

Has anyone opened a minor account in axis and then linked that account with their Burgundy family banking account? Is this even possible with Axis and does that minor account also get burgundy status and features?

 

[Rishabh]

Sir, m on wealth account and my both kids minor accounts opened as wealth attached with my account, any specific benefit or precautions dealing with minor account or accounts under same id

No precautions as such. Can use the debit card for lounge access for Minor & all other Wealth debit card benefits.

 

[Rishabh]

Has anyone opened a minor account in axis and then linked that account with their Burgundy family banking account? Is this even possible with Axis and does that minor account also get burgundy status and features?

Yes last month I had opened a minor account under Burgundy group. Bank asked for Initial Cheque of 50k for Burgundy since it was to be linked in existing Burgundy group otherwise 5lac minimum required. Burgundy debit card not issued by default only Cheque book received in welcome kit.
But branch person was knowledgeable and somehow managed to get Burgundy debit card issued for Minor account as well.
Same like IDFC the debit card will not be visible online to manage.

 

[2024]

No precautions as such. Can use the debt card for lounge access for Minor & all other Wealth debit card benefits.

Thanks sir for the information 🙂

 

[Riva]

Yes last month I had opened a minor account under Burgundy group. Bank asked for Initial Cheque of 50k for Burgundy since it was to be linked in existing Burgundy group otherwise 5lac minimum required. Burgundy debit card not issued by default only Cheque book received in welcome kit.
But branch person was knowledgeable and somehow managed to get Burgundy debit card issued for Minor account as well.
Same like IDFC the debit card will not be visible online to manage.

Thanks, so the account is now a zero balance account after adding into burgundy family banking and net banking facility is available too? Also debit card features are the same? Child has domestic lounge on tht debit card?

 

[Riva]

Between IDFC, HDFC and Axis Burgundy which do you suggest is the best. I want to open a minor account for my 6 year kid. Have accounts with HDFC and Axis.

Things I am looking for in the account is it should have internet banking facility to transfer funds in/out, open/close FD etc and a debit card in the kids name that gives lounge access and allows usage on the card.

 

[Rishabh]

Thanks, so the account is now a zero balance account after adding into burgundy family banking and net banking facility is available too? Also debit card features are the same? Child has domestic lounge on tht debit card?

Account is zero balance & account gets displayed under Guardian's netbanking only. Didnt got chance yet to access lounge with minor debit card but am expecting it shall work. Only challenge am facing as of now is to get Online Transactions enable on the debit card which is disabled by default and even branch is not having option to enable from there end. May get update on this by next week hopefully. POS & ATM limits are around 1000 to 1500 only which is very low but I dont think card will gonna be used for that purpose.

 

[Rishabh]

Between IDFC, HDFC and Axis Burgundy which do you suggest is the best. I want to open a minor account for my 6 year kid. Have accounts with HDFC and Axis.

Things I am looking for in the account is it should have internet banking facility to transfer funds in/out, open/close FD etc and a debit card in the kids name that gives lounge access and allows usage on the card.

HDFC i don't have idea so cant comment. Between IDFC & Axis I feel IDFC is still better if it is Wealth account. Axis minor account can say it is still in nascent stage from features & process point of view.
But with both the banks getting transaction types/limits modified is big pain as of now since debit cards not visible online to self manage. Lounge benefit shall be available for both. So can choose either of Axis or IDFC depending on your account whether you have Burgundy with Axis or Wealth with IDFC.

One thing both Axis & IDFC dont allow ASBA to invest in IPO for Minor which is still big downer while I think HDFC allows the same.

 

[Riva]

HDFC i don't have idea so cant comment. Between IDFC & Axis I feel IDFC is still better if it is Wealth account. Axis minor account can say it is still in nascent stage from features & process point of view.
But with both the banks getting transaction types/limits modified is big pain as of now since debit cards not visible online to self manage. Lounge benefit shall be available for both. So can choose either of Axis or IDFC depending on your account whether you have Burgundy with Axis or Wealth with IDFC.

One thing both Axis & IDFC dont allow ASBA to invest in IPO for Minor which is still big downer while I think HDFC allows the same.

I am not sure if HDFC allows for minor to apply for IPOs. Also a PAN card is a must and the minor will need to file income under the guardian.
For multiple application for an IPO, you could open an demat account in a family members name. If you are burgundy then Axis Demat fee is waived off as per burgundy features.

 

[Riva]

HDFC i don't have idea so cant comment. Between IDFC & Axis I feel IDFC is still better if it is Wealth account. Axis minor account can say it is still in nascent stage from features & process point of view.
But with both the banks getting transaction types/limits modified is big pain as of now since debit cards not visible online to self manage. Lounge benefit shall be available for both. So can choose either of Axis or IDFC depending on your account whether you have Burgundy with Axis or Wealth with IDFC.

One thing both Axis & IDFC dont allow ASBA to invest in IPO for Minor which is still big downer while I think HDFC allows the same.

What is the debit card for the minor that comes with IDFC wealth?

 

[Rishabh]

What is the debit card for the minor that comes with IDFC wealth?

Wealth debit card only, same as Guardian.

 

[2024]

I had opened minor account with IDFC for my 6 months old child 4 years ago via RM who came to home for account opening process.
Took just 2 days to get account activated and received minor's debit card within a week which was issued by default.

Later our accounts got automatically upgraded to Wealth and received new Wealth debit cards for both me and minor account.

So far good experience with IDFC for minor account, only limitation is Minor's Debit card cant be managed online, so any limit modifications etc. need to be done via branch via hand-written application. Pin can be set via IVR Call.
I guess this is standard rule across all banks regarding Debit card not available online to manage until child attains 10 year above age.

Wealth kit not received for minors

I have wealth account with idfc and opened account for minor under my account so minor account also shows wealth account from 1st day in idfc app but received platinum debit card for minors account not wealth debit card nw what to do to receive wealth account kit for minors

 

[shashank08]

I have wealth account with idfc and opened account for minor under my account so minor account also shows wealth account from 1st day in idfc app but received platinum debit card for minors account not wealth debit card nw what to do to receive wealth account kit for minors

Have you got card recently?
If yes then wait for few more days and you will get wealth DC.
Same happened with my minor son.. I applied for DC as I didn't receive it along with account opening.
So first I received signature DC and then after few days automatically I received wealth DC.

 

[2024]

Have you got card recently?
If yes then wait for few more days and you will get wealth DC.
Same happened with my minor son.. I applied for DC as I didn't receive it along with account opening.
So first I received signature DC and then after few days automatically I received wealth DC.

Ok sir, thanks

 

[mastervisa]

Which bank is good for minor account if I want to also open ppf account for minor?

 

[2024]

Have you got card recently?
If yes then wait for few more days and you will get wealth DC.
Same happened with my minor son.. I applied for DC as I didn't receive it along with account opening.
So first I received signature DC and then after few days automatically I received wealth DC.

I ve idfc wealth account and opened minors account under my id with same mob no, now when tried to add account with phone pay UPI Error prompted that your id has more than one acct so can't add, any solution sir

 

[shashank08]

I ve idfc wealth account and opened minors account under my id with same mob no, now when tried to add account with phone pay UPI Error prompted that your id has more than one acct so can't add, any solution sir

No solution as far as I know but other folks can chime in if there is any solution..

 

[2024]

No solution as far as I know but other folks can chime in if there is any solution..

Sir did you contact idfc if they can help

 

[shashank08]

Sir did you contact idfc if they can help

No I didnt try to connect with IDFC as from minor account point of view.. idfc is really a pain.
In fact idfc denied debit card for minor account to me. Then I came to know from this forum that they are issuing the card and I have to escalate till PNO to get the DC. And it took more than a month.