HDFC Bank Kid's Advantage Savings Account
HDFC Bank Kid’s Advantage Savings Account
|Monthly Average Balance (MAB)
||3.00% to 3.50%
||Rs. 1 lakh free education insurance cover
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:
||Charges and Fees
- Rs. 150 if the balance is between Rs. 2,500 and Rs. 5,000
- Rs. 300 if the AMB is lower than Rs. 2,500.
- If you do not maintain the minimum balance, you will receive a notification from the bank about it by letter, email, or SMS. If you do not deposit the required amount in the upcoming month, then these charges will apply until you restore the AMB.
- You will receive notification in the initial month about non-maintenance of AMB, and no further. It is your responsibility thereby to stay updated with the bank’s norms at all times.
||In a financial year, you will get a free chequebook of 25 leaves. After this, the charge for every additional chequebook is Rs. 75.
|Managers Cheques/Demand Drafts- Issuance/Re-issuance - On HDFC Bank Locations
MC/DD Issuance at Branch
- Rs. 50 for up to Rs. 10,000
- Rs. 5 per Rs. 1,000 for above Rs. 10,000, subject to minimum fees of Rs. 75 and maximum Rs. 10,000
|Number of Cash including any kind of transaction by self or third party at any branch
DD Request from Net Banking
- Rs. 50 + corr. Charges for up to Rs. 1 lakh
- Rs. 50 + corr. Charges for third-party DD up to Rs. 1 lakh
- Every month you can avail yourself of 4 free cash withdrawals. The charges are. Rs. 150 per transaction from the 5th instance
|Value of Cash Transactions including any kind of transaction by self or third party at any branch
- Rs. 25,000 is the maximum limit per day for third-party transactions
- There is no fee for transactions till Rs. 2.5 lakhs per month at any branch
- Above this limit, the minimum charge is Rs. 150. After which, the charges per Rs. 1,000 is Rs. 5
|Non-IVR Phone Banking
|Replacement of ATM Card
||Rs. 200 + applicable taxes
|Annual Fee or Issuance Fee of Debit Card
|Renewal Fee for Debit Card
||Rs. 10 for every transaction
||Those with an email address as a delivery mode for instant alerts, will not have to pay any charges. But for others, the charge per quarter is Rs. 3 + taxes
|ECS/ACH (Debit) Return
||Rs 500 per instance + taxes
Frequently Asked Questions on HDFC Kid’s Advantage Account
Here are the FAQs:
Here are more details:
- Free cash withdrawal from the ATM of any other bank.
- ATM/International Debit Card in the child’s name with permission of the parent or guardian.
The account holder can withdraw Rs. 2,500 from the ATM. He/she can spend Rs. 10,000 everyday at merchant locations.
You can opt for a Systematic Investment Plan. Here, from a young age, you can invest a small amount on a monthly or weekly basis in the bank’s investment services account or mutual funds. These accounts are linked to the Kids Savings account.
Here is what you will receive:
- Instant alert on transactions through email and SMS.
- Free passbook for individual account holders.
- Great offers on GiftPlus Card and Forex.
- Shop from SMARTBUY and avail of huge discounts.
Here is more information:
- Net banking, mobile banking, phone banking to check account balance, stop cheque payment through SMS and pay utility bills.
- Free payable-at-par cheque book when you open the account.
- Free email statements and balance inquiries at the bank and non-bank domestic ATMs.