SBI offers two unique saving account schemes for minors depending upon the age. The two types are PehlaKadam (for minors of any age) and PehliUdaan (for minors of age more than 10 years). There is no minimum balance requirement for this account and interest is given at 4% on daily basis. The account can be opened jointly with any of the parent or guardian for which nomination facility can be availed.
Applicants may apply with photo ATM cum debit card during withdrawal/ shopping limit of Rs 5000. Passbook and cheque book is also issued without any charges. Documents requirement for account opening are DOB proof of minor and KYC of the parent.
Applicants can also opt for 'Smart Scholar' child plan with loyalty additions and inbuilt premium waiver.
1. Age limit
2. Mode of operation
3. Minimum balance
4. Maximum balance
5. Overdraft facility
6. Insurance option
Fees and charges: However there are not any charges for services like issuance of passbook, balance enquiry, inoperative account and funds transfer but certain services are chargeable, as given below.