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]

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.

Hmmmm I got platinum debit card for minors nw waiting for wealth kit for minors

 

[SureShot]

Hmmmm I got platinum debit card for minors nw waiting for wealth kit for minors

though it's late, did you receive the wealth debit card for minor account once you got the platinum debit card? I am in same situation as yours, platinum debit card got delivered today though the minor account is showing as first wealth in my netbanking.

 

[shashank08]

though it's late, did you receive the wealth debit card for minor account once you got the platinum debit card? I am in same situation as yours, platinum debit card got delivered today though the minor account is showing as first wealth in my netbanking.

Usually in a week or 2.

 

[Rishabh]

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

UPI is not allowed if Minor is below 15yrs old, this restriction is from NPCI not from bank.

 

[SureShot]

Usually in a week or 2.

Looks like because of my wealth account (Guardian), it was showing as wealth in my daughter's minor account as well in app & net banking. Today my RM has raised a request to group it under family banking program and within a week, minor account will be upgraded to wealth it seems. As of now, I received Visa Platinum debit card, will i be getting Wealth Debit Card automatically once upgrade is successful or do i need to request?

With respect to minor's debit card, there are lot of restrictions, no access to set pin in app (only IVR) and to manage limits and all, only cc could help and also they can't take multiple requests at once until the existing ones are resolved. Can't track the status of the SR's also. Limit is also 10K per day, not sure about wealth debit card limits though.

Can i get welcome points in visa platinum and again in wealth debit card once upgraded for the same account?

My aim is to use this account for my daughter's demat account with zerodha for investments. Lot of hiccups on both the sides.

 

[SureShot]

UPI is not allowed if Minor is below 15yrs old, this restriction is from NPCI not from bank.

I was able to link it to Yes Pay app (redirected from Coin) and set the desired PIN as well after entering the debit card details. However when I was trying to create UPI mandate from Coin (Zerodha), the request is sent to approve the mandate for 1 lakh, from there I can't proceed due to insufficient balance.

Looks like it works but I didn't try to make any transaction though.

 

[Rishabh]

I was able to link it to Yes Pay app (redirected from Coin) and set the desired PIN as well after entering the debit card details. However when I was trying to create UPI mandate from Coin (Zerodha), the request is sent to approve the mandate for 1 lakh, from there I can't proceed due to insufficient balance.

Looks like it works but I didn't try to make any transaction though.

Could be a bug or no restriction in place, otherwise rule says below 15 UPI not available

 

[ontherocks]

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 😀

Did you specify anywhere in the form that you want Rupay Platinum DC?

 

[thanix]

Did you specify anywhere in the form that you want Rupay Platinum DC?

No. First they told no debit card for kids less than 12 years. Then after a month they sent Rupay platinum debit card in true HDFC bank style 🤣

 

[ontherocks]

No. First they told no debit card for kids less than 12 years. Then after a month they sent Rupay platinum debit card in true HDFC bank style 🤣

Is the Rupay Platinum DC like a normal DC or it has restrictions because of minor account.

 

[ontherocks]

HDFC issued a Easyshop Kids Advantage Platinum MasterCard Debit Card.
Branch guy made me fill up the form below and told there is no choice of debit card for minor accounts. Whatever it is, you will have to accept.

 

[Riva]

HDFC issued a Easyshop Kids Advantage Platinum MasterCard Debit Card.
Branch guy made me fill up the form below and told there is no choice of debit card for minor accounts. Whatever it is, you will have to accept.

View attachment 72388

How old is the minor in this case?

 

[ontherocks]

How old is the minor in this case?

Age doesn't matter here, if you submit the form above, you will receive the Kids Advantage DC.

As per the branch guy, kids age should be 12 years or more to be eligible for DC, but I am highly doubtful of his knowledge. I told him to show me an official document mentioning this, he said he doesn't have.

 

[Riva]

Age doesn't matter here, if you submit the form above, you will receive the Kids Advantage DC.

As per the branch guy, kids age should be 12 years or more to be eligible for DC, but I am highly doubtful of his knowledge. I told him to show me an official document mentioning this, he said he doesn't have.

Even I have been told the same, that kids aged 12 and above can get a debit card.
For kids aged 11 and below, the banks need to make an exception and different banks keep doing different things. Hence wanted to know, in this case, if the minor was 12 or under, because then it would not be an exception.

 

[V G]

As per RBI, debit card can only be issued to minor if age is at least 10 years. But it seems banks are allowed to set their own age limit but it cannot be less than 10 years.
IDFC provides debit card for 10 years old. I have seen such a real life case. That child is 10 years old and holding IDFC Wealth debit card due to family banking.

 

[Riva]

As per RBI, debit card can only be issued to minor if age is at least 10 years. But it seems banks are allowed to set their own age limit but it cannot be less than 10 years.
IDFC provides debit card for 10 years old. I have seen such a real life case. That child is 10 years old and holding IDFC Wealth debit card due to family banking.

True, I have seen a few cases on TF where minors of age less than 10 have received debit cards for certain banks. Some have mentioned that those debit card for minor are not very user friendly, ie limits cannot be set, etc. But I guess that varies from bank to bank.
My burgundy RM told me I can get a debit card for my minor kid, less than 10 years and he would need to make a special application for it. I did ask him a few times for the debit card but he's not done it yet. I currently don't have a need for it so not pushing, but I guess he will do it if I push a little.

 

[hellobois]

True, I have seen a few cases on TF where minors of age less than 10 have received debit cards for certain banks. Some have mentioned that those debit card for minor are not very user friendly, ie limits cannot be set, etc. But I guess that varies from bank to bank.
My burgundy RM told me I can get a debit card for my minor kid, less than 10 years and he would need to make a special application for it. I did ask him a few times for the debit card but he's not done it yet. I currently don't have a need for it so not pushing, but I guess he will do it if I push a little

For less than 10 years DC will be issued in the guardian's name and it will be linked to minor's account.

 

[Riva]

For less than 10 years DC will be issued in the guardian's name and it will be linked to minor's account.

No, the card is issued in the minors name. That's the whole point of getting the debit card for the benefits on the debit card. I also checked with my RM and he confirmed it would be on the minors name so that I could use it for lounge access. I now have Magnus so I have guest visits so not pushing for the debit card for my minor kid.

 

[Rishabh]

As per RBI, debit card can only be issued to minor if age is at least 10 years. But it seems banks are allowed to set their own age limit but it cannot be less than 10 years.
IDFC provides debit card for 10 years old. I have seen such a real life case. That child is 10 years old and holding IDFC Wealth debit card due to family banking.

I had got it issued few years ago from IDFC for Minor age 6 months 🙂 Later it got upgraded to Wealth variant as well. Only restrictions card will not be visible on netbanking to manage & also txns limits are under 2000 and need to be enabled/disabled by writing physical application to branch manager.

 

[V G]

I had got it issued few years ago from IDFC for Minor age 6 months 🙂 Later it got upgraded to Wealth variant as well. Only restrictions card will not be visible on netbanking to manage & also txns limits are under 2000 and need to be enabled/disabled by writing physical application to branch manager.

Was the debit card in child's name?