The HDFC Kids Advantage Savings Account, as the name suggests is created for the financial fitness of the young kids for their personal as well as economic development. Having an account in your child's name can help you reduce burdens in future. Any child below 18 is eligible to have an HDFC's Kids Advantage Savings Account.
One has to keep an average monthly balance of Rs 5000. In the case of non-maintenance, there will be penalty charges imposed. If you keep a balance of Rs 2500 – 5000, you have to pay Rs 150. Further, in the case of an amount less than Rs 2500, the charges are 300.
For securing a perfect future for your kid, it is always recommended that you should transfer at least Rs 1000 to the account every month for a year. Then the account crosses the limit of Rs 35,000 deposit, 25000 will automatically be converted to an FD in the name of the child. This feature is called MoneyMaximizer letting you earn better interest rates on your savings.
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