State Bank of India (SBI) savings account for minors are of two types: Pehla Kadam and Pehli Udaan. These will help children to build savings and realize the importance of it. The savings account (SB) for children also allows minors to perform a few transactions such as internet banking and mobile banking. There is a facility for a cheque book, top-ups, bill payment, fixed deposit, and more. The interest rate applicable per annum is 2.70%.
In this post, we will discuss the eligibility criteria, features, KYC requirements, and frequently asked questions for the SBI SB account for minors.
Here are the eligibility norms for SBI SB account for minors:
Here are the features of the SBI SB Account for Minors:
Here are the KYC norms for State Bank of India Minor’s Savings Account:
For the minor is a non-resident or resident from Meghalaya, Assam, or Jammu and Kashmir, and does not provide PAN, then he/she has to provide one OVD with details on address, identity, along with a recent passport-sized photograph.
If the applicant is a resident of Assam, Meghalaya, Jammu and Kashmir or a non-resident, with no PAN, then submission of a certified OVD copy with details of identity and address with a recent photograph is needed.
Here are the FAQs for the SBI SB account for minors:
The rate of interest is as applicable on a regular savings account. It is calculated on a daily balance.
After account opening, you will get a specially designed and branded passbook. The issuance will be free-of-charge.
There are no charges for inter-core transfer transactions.
Yes, you can add a nominee. This facility is recommended as well.
Yes, you can transfer the minor’s SB account to any other SBI branch. And there is no need to change the account number.
Subscribe to our newsletter
Akshar Blue Chip IT Park, 703, Thane - Belapur Rd, Turbhe, Navi Mumbai, Maharashtra 400705