State Bank of India (SBI) offers two types of savings accounts for minors -- "Pehla Kadam" and "Pehli Udaan".
The State Bank of India (SBI) offers two types of savings accounts for minors -- "Pehla Kadam" and "Pehli Udaan". Both these savings accounts are fully loaded, replete with banking features like internet banking and mobile banking.
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The holders of these accounts are not required to comply with the bank's rules on monthly average balance (MAB), which are otherwise applicable on its regular savings accounts. However, these accounts come with 'per day limits' to ensure that the holders spend the money wisely.
While SBI's Pehla Kadam account can be opened by minors, the Pehli Udaan account is meant for those who are above 10 years of age.
Pehla Kadam can be jointly opened along with a parent/guardian. This account will be opened in the sole name of the minor. On the other hand, Pehli Udaan can be opened in the sole name of a minor, who can sign uniformly. While there is no minimum balance requirement in both accounts, the maximum investment limit is Rs 10 lakh.
In Pehla Kadam account, SBI issues a personalized cheque book with 10 cheque leaves in the name of a minor under a guardian.
In Pehli Udaan, SBI issues personalized cheque book with 10 cheque leaves if the minor can sign uniformly.
Here are the steps to open SBI savings account for a minor:
Visit SBI's website- sbi.co.in. Under 'Personal Banking', click on the 'accounts' tab and choose 'savings Account for Minors'
Step 2: Click on 'Apply Now' and a pop- up comes showing features of digital and insta savings account. Close the pop-up
Step 3: A new page opens which is the website of SBI YONO. Click on 'Open a Digital Account'
Step 4: Click on apply now and fill in the required details. A single SBI branch visit is required to complete the process.
These accounts can also be opened offline.
First Published: IST