HDFC Bank Kid's Advantage Account

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.

How to start the 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.

Features of HDFC's Kids Advantage Savings Account

  • The account offers free education insurance of Rs 100,000 for the child if the parent or guardian of the child passes away in case of a motor accident on the road, rail or air.
  • The child aged between 7 and 18 is permissible to have his own Debit card with the approval of parent or guardian. The daily withdrawal limit is Rs 2500. They are allowed to shop for Rs 10,000 each day.
  • The child can benefit a complimentary PAP chequebook as soon as the account is opened.
  • You can keep track of your account through monthly e-statements, mobile banking, and net banking.

Secure your kid's financial future

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.