Bhavishya Saving Account can be opened with a nominal amount. It will not be necessary to keep minimum account balance. With this, a debit card will be available for free, which can be used only for cash withdrawal at ATMs through Aadhaar authorization.
new Delhi. Fino Payments Bank Limited has launched a special savings account for children. Fino Payments Bank launched Bhavishya Saving Account for a minor aged 10 to 18 years. This account can be opened with a nominal amount. The bank has just started ‘Future Savings Account’ in UP, Bihar and Madhya Pradesh. It has been made with special needs of children. There will be many benefits on the future savings account.
According to Fino Payments Bank COO Ashish Ahuja, India’s strength is its young population. Along with learning other skills, it is also important that children keep information about banking from the beginning. This account will be opened through Aadhaar. Also it will be better for parents to develop a habit of saving in children.
Benefits of Bhavishya Saving Account
Many benefits will be available on Bhavishya savings account. It will not be necessary to keep minimum account balance. With this, a debit card will be available for free, which can be used only for cash withdrawal at ATMs through Aadhaar authorization.
In view of security, it is necessary for the minor to have a mobile number which is different from the number of his parents. Apart from this, the future savings account will be upgraded to regular savings account as soon as the child turns 18. For this, KYC will have to be done again with updated information.
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Government schemes will benefit
Future Savings Account can be used to take advantage of many government schemes. This includes the amount of scholarship and direct benefit transfer subsidy. Fino Payments Bank aims to open 1 lakh future savings accounts by the end of FY 2021. Once the child attains the account holder can better plan his financial goals.
Citing the 2011 census, the bank says that the population of 10-19 years of age in India is 25 crores. This may increase further in 2021. 70 percent of them live in rural areas. In this sense, this is a big opportunity for the rural based Fino Payments Bank
