4: IDBI Bank Power Kids Account:
IDBI Bank offers a children’s saving account known as the ‘IDBI Bank Power Kids Account’. The account comes with a minimum account balance of Rs. 500 and no charges for non maintenance of AQB. The bank offers exclusively designed Kids ATM Cards and withdrawal limits up to Rs. 2,000 at an ATM or Point of Sale.
The interest rate offered is 4%. Parents can also plan systematic investments in RD, SIP or Term Deposits by linking their regular savings accounts with the same bank to this account.
5: ICICI Bank Young Stars Savings Account:
‘ICICI Bank Young Stars Account’ is available for children and teenagers up till 18 years. The guardian can open and operate the account on behalf of the minor. The bank offers a service plan known as the ‘Smart Star Account’ under which minors above 10 years of age can independently open and operate the account.
The minimum Monthly Average Balance (MAB) to be maintained for the ICICI Bank Young Stars Account is Rs.2, 500. The account comes with a free Young Stars Debit Card allowing both cash withdrawals and Point Of Sale Service. The interest rate is 4%, which is calculated on the daily balance.
Having a savings bank account will not only give children a sense of financial responsibility, but will also help them understanding how finance and banking systems work. You can proudly watch your adult child manage money even better for their own children. Your kids and grand-kids deserve all the world has to offer.
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