SBI Savings Bank Accounts for Minors

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.

Features of both the schemes are described below:

1. Age limit

  • PehlaKadam: up to 18 years
  • PehliUdaan:10-18

2. Mode of operation

  • PehlaKadam: joint with parent/ guardian
  • PehliUdaan: independent

3. Minimum balance

  • PehlaKadam: zero
  • PehliUdaan: zero

4. Maximum balance

  • PehlaKadam: 5 lakh
  • PehliUdaan: 5 lakh

5. Overdraft facility

  • PehlaKadam: against FD for parent or 2 months' salary (for corporate salary package)
  • PehliUdaan: NA

6. Insurance option

  • PehlaKadam: for parent, personal accident insurance cover (by SBI general)
  • PehliUdaan: NA

Services offered by SBI for saving account for minors:

  • Internet banking with limited rights and transaction limit of Rs 5000 per day
  • Mobile banking, again with limited rights and transaction limit of Rs 2000 per day
  • Auto sweep facility in the multiples of 1000 with a minimum of 1000 in excess of Rs 20000
  • One standing instruction for RD free of cost
  • 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.

  • Duplicate pass book charges of Rs 112 with latest balance
  • Rs 112 for transfer of account
  • Account closure charges of Rs 337 up to 6 months, Rs 225 from 6 to 12 months. One can close account free of cost within 14 days of opening