HDFC Bank Kid's Advantage Savings Account

HDFC Bank Kid’s Advantage Account is a savings bank (SB) account. Here, the child can have the account in his/her name, under a parent or guardian. The account holder can start saving from Rs. 1,000 per month. The child will receive a Debit/ATM Card, build a corpus for the future, and avail of several facilities such as net banking, Demand Draft, shopping, and more. He/she can also choose the sweep-in facility and Systematic Investment Plan.

In this post, we will discuss HDFC Bank Savings Account features, eligibility criteria, interest rate, documents required, fees and charges, and FAQs.

Features of HDFC Bank Kid's Advantage Savings Account

Here are the features:

• You receive Rs. 1 lakh worth of free education insurance cover. This is in the case of the death of a guardian or parent. The incident must happen through vehicular accident by road, air, or rail.
• If the balance in the SB acc. exceeds or reaches Rs. 35,000, then the amount over Rs. 25,000 is transferred to an FD (Fixed Deposit) for 1 year and 1 day. This is in the child’s name. The facility is available if you opt for sweet-out (Money Maximizer).
• The account bundles Sukanya Samriddhi for the girl child.
• The child can start saving from Rs. 1,000 in ‘My Passion Fund’. This alternative gives the flexibility of putting money in the account whenever it is available.
• You can give Standing Instruction for any amount transfer from the guardian/parent account to Kid’s Advantage account every month. The mandatory deposit amount is Rs. 1,000 for a period

Eligibility for HDFC Bank Kid's Advantage Account

Here are the eligibility criteria for HDFC Bank Savings Account:

• The account is available for your child who is a minor, and up to 18 years of age. For this, the parent/guardian must have a savings account at the HDFC Bank.
• Minors over 10 years of age are eligible to open this self-operated SB account.
• They will also receive a dedicated ATM/Debit Card
• The child must maintain an average monthly balance (AMB) of Rs. 5,000.
• Otherwise, service charges for non-maintenance of balance will apply.
• The charges are Rs. 300 for AMB less than and equal to Rs. 2,500.
• The charges are Rs. 150 for AMB between Rs. 2,500 and Rs. 5,000.
• The transaction and service charges will apply based on the AMB of the previous month.

HDFC Bank Kid's Advantage Account Interest Rate

Here are more details on this HDFC Bank Savings Account:

• Savings account interest rate is calculated if you maintain it in your account.
• The calculation is based on the daily balances.
• The interest accumulated is paid at quarterly intervals
• The rate is 3.50% per annum if the balance is Rs. 50 lakhs and above.
• The rate is 3% per annum if the balance is less than Rs. 50 lakhs.

Documents for HDFC Bank Kid’s Advantage Savings Account

Here are the required documents to open HDFC Bank Savings Account:

• Identity and Address proof such as Voter ID Card, Passport, Aadhaar Card, Permanent Driving Licence, PAN Card.
• Latest passport-size photographs.
• PSUs, scheduled commercial banks.
• NREGA Job Card or identity card provided by a state or central government unit.

Fees and Charges of HDFC Bank Kid’s Advantage Account

Here are the charges that apply to this HDFC Bank Savings Account:

Frequently Asked Questions on HDFC Kid’s Advantage Account

Here are the FAQs: