SBI Savings Bank Accounts for Minors
|SBI Savings Account for Minors
|Types of SB accounts
||Pehla Kadam and Pehli Udaan
||No requirement for minimum balance
||Rs. 10 lacs
|Rate of Interest
||2.70% per annum
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.
Eligibility Criteria for SBI Savings Account for Minors
Here are the eligibility norms for SBI SB account for minors:
- Pehla Kadam: Minors of any age can open an account. The account is liable for joint opening with the parent/guardian.
- Pehli Udaan: Minors over 10 years of age, who can uniformly sign can open the account. This account can be opened solely in the name of the minor. Thus, it is a singly operated SB account.
Features of SBI Savings Accounts for Minors
Here are the features of the SBI SB Account for Minors:
1. Account Balance
- The maximum balance allowed is Rs. 10 lacs
- There is no requirement for MAB (monthly average balance)
2. Internet Banking
- Pehla Kadam: The account holder has enquiry rights. He/she also can undertake limited transactions such as opening e-Special Term Deposit (e-STDR), issue Demand Draft, e-Term Deposit (e-TDR), bill payment, interbank fund transfer (NEFT), and e-Recurring Deposit (e-RD). The limit for per day transaction is Rs. 5,000.
- Pehli Udaan: The account holder can undertake a few transactions. He/she has the rights to making enquiries. The limit for transactions per day is Rs. 5,000. Some of the activities allowed are e-TDR, e-RD, e-STDR, issue of Demand Draft, and NEFT only.
3. Mobile Banking
- Pehla Kadam: The applicant gets viewing rights. He/she will also undertake limited transactions such as top-ups, bill payments. The per-day limit for transactions is up to Rs. 2,000.
- Pehli Udaan: The child gets viewing right. He/she can also do limited transactions such as IMPS, top-ups, bill payments. The transaction limit per day is up to Rs. 2,000.
4. Cheque Book
- Pehla Kadam: There is a facility for cheque-books. The bank will record the applicant’s mobile number. The account holder will also receive a specially designed personalized cheque book in the name of a minor under a guardian. This will contain 10 cheque leaves.
- Pehli Udaan: There is a facility for cheque books. The bank records the account holder’s mobile number. If the minor can uniformly sign, then he/she will receive a personalized designed chequebook with 10 cheque leaves.
5. Overdraft for Parents/Guardians
- Pehla Kadam: You can enjoy an overdraft against fixed deposit for guardian/parents subject to a fulfilment of a few terms and conditions.
- Pehli Udaan: There is no facility for an overdraft for this SBI savings account for minors.
6. Auto Sweep Facility for Pehli Udaan
- The minimum threshold is Rs. 20,000 for the auto sweep facility.
- You can sweep in the multiples of Rs. 1,000.
- The minimum sweep in must be Rs. 10,000.
7. Photo ATM-cum-Debit Card
- Pehla Kadam: The child’s photograph is embossed on the ATM-cum-Debit Card. The POS/withdrawal limit is Rs. 5,000.
- The bank will issue the Card in the name of the guardian and minor.
- Pehli Udaan: The child’s photograph is embossed on the ATM-cum-Debit Card with a POS/withdrawal limit of Rs. 5,000.
8. Others Services
- You can set up a Standing Instruction for Recurring Deposit. There is no charge for it.
- You can also avail yourself of Smart Scholar (Market Linked) – Child Plan. This is offered by SBI Life. The premium is waived. You will also receive loyalty additions to complete your child’s dreams.
- SBI General offers a personal accident insurance cover for the parent. This service is for the Pehla Kadam account only.
What Are the KYC Requirements?
Here are the KYC norms for State Bank of India Minor’s Savings Account:
- Pehla Kadam: You need to submit the date of birth proof for the minor. Also, you have to provide the KYC of the parent, PAN Card or Form 60, and Aadhaar. In case the applicant does not have an Aadhaar number, he/she can furnish proof of the Aadhaar enrolment application. If there is no PAN, then a certified copy of OVD (officially valid document) with Form 60 is necessary.
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.
- Pehli Udaan: Proof of birth date of the minor, Aadhaar Card, and Form 60 or PAN Card is mandatory. If there is no Aadhaar number, the child’s proof of enrolment for the Aadhaar application is necessary. If there is no PAN, then a certified copy of OVD with Form 60 is required.
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.
Frequently Asked Questions about SBI Savings Accounts for Minors
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.