In tweet on Tuesday, the SBI announced the rollout of minors-only saving bank accounts.
Open a SBI Pehli Udaan Savings Account to teach your child the importance of saving money. To know more, visit https://t.co/CaTmCc349Kpic.twitter.com/WGvexr4tZB
— State Bank of India (@TheOfficialSBI) November 7, 2017
Pehla Kadam: This account is meant for the minors of any age. This account will be jointly opened with the parent/guardian
Pehli Udan: This account is meant for the minors above the age of 10 years only who can sign uniformly. This account will be opened in the name of the minor.
The monthly average balance requirement is Rs. 5,000 for metro customers and Rs. 3,000 for urban customers, while it’s Rs. 2,000 and Rs. 1000 for semi urban and rural customers, respectively.
The maximum balance is Rs. 10 lakh in both the accounts.
The Pehla Kadam account can be opened along with the parent/guardian while Pehli Udan can be operated solely by the child.
Some of the facilities offered in these accounts include the following:
Interest rate is offered as applicable to saving bank account calculated on daily basis. Transferability of accounts to any SBI branch can be done without changing the account number.
The accounts also have nomination facility and the bank recommends to use it.