It is very important to teach your children the importance of money management. And opening a savings account for them is one of the best ways to teach them money management. Therefore, open a savings account for them today. Here are the Top 7 Best Savings Account for Children in India.
In the complex financial world, children need to be taught money management in the early years. You can do so by introducing them to the children’s savings account. Moreover, having a kid’s savings account is better than a piggy bank, as the money earns interest.
Best Bank for Children’s Savings Accounts in India
Various banks offer the best savings account for kids with various options. From this blog post, you can pick the best bank for children’s savings accounts in India as per your need.
Best Savings Account for Children in India
Below are some of the best savings account for kids offered by banks in India. Note that the below mentioned Best Bank for Children’s Savings Accounts in India is in no particular order.
1. Kids Advantage Account by HDFC Bank
The HDFC Bank offers Kids Advantage Account for the children. This is one of the best savings account for kids in India. This account helps you to save for your child’s future while teaching them to manage money.
Features of HDFC Kids Advantage Account
1. This can be opened if your child is a minor up to 18 years of age and you have a Savings Account with HDFC Bank.
2. There is an option to give the child an ATM/Debit card.
3. Free Education Insurance cover of Rs.1 lakh.
4. Higher interest on surplus funds with automatic sweep-out to a Fixed Deposit.
5. You can set up regular transfers to your kid’s account using Standing Instructions.
Eligibility Criteria
1. This can be opened for the child as long as your child is a minor (up to 18 years of age).
2. You should have a Savings Account with HDFC Bank.
3. Minors above the age of 10 years are eligible to open a self-operated minor account.
Click here to know more about HDFC Kids Advantage Account.
2. My Junior Account by Kotak Mahindra Bank
Kotak Mahindra Bank offers My Junior Account for the child. This is also one of the best savings account for children in India. The account helps you inculcate the habit of saving money in your child while planning for his/her future at the same time.
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Features of Kotak My Junior Account
1. Debit cards for the children above the age of 10 years with a withdrawal limit of Rs.5,000.
2. Junior Savings account is available in three variants: EDGE/NOVA, PRO/CLASSIC, and ACE.
3. A host of privileges across dining, edutainment, and shopping on kids’ brands.
4. NMC waivers (Nova Variant) and zero balance benefits with Junior Savings Account.
Eligibility Criteria
1. The age of the child should be below 18 years (Minor).
2. The child should be Resident Indian.
Click here to know more about Kotak My Junior Account.
3. Pehla Kadam and Pehli Udaan by State Bank of India
SBI bank is also one of the best bank to open savings account for child. Pehla Kadam and Pehli Udaan are two different savings accounts for children from SBI.
These accounts not only help children learn the importance of saving money but also allow them to experiment with the “buying power” of money.
Features of SBI Pehla Kadam Saving Account
1. Jointly operated with the parent/ guardian or singly by parent/ guardian.
2. Monthly Average Balance (MAB) requirement not applicable.
3. The maximum balance limit is Rs.10 lakh.
4. ATM-cum-Debit Card with a child’s photo embossed will be issued.
5. An auto sweep facility with a threshold limit is available.
Eligibility Criteria
1. Minor of any age.
2. This will be jointly opened with the parent/guardian.
Features of SBI Pehli Uddan Saving Account
1. This singly operated account.
2. Monthly Average Balance (MAB) requirement not applicable.
3. The maximum balance limit is Rs.10 lakh.
4. ATM-cum-Debit Card with a child’s photo embossed will be issued.
5. An auto sweep facility with a threshold limit is available.
Eligibility Criteria
1. Minors above the age of 10 years and who can sign uniformly.
2. This will be opened in the sole name of the minor.
4. Young Stars and Smart Star Account by ICICI Bank
Young Stars and Smart Star are two different savings accounts for kids from ICICI Bank. You can open the Young Stars Account to plan your child’s future needs. The Smart Star Account will inculcate the habit of savings and responsibility to spend wisely.
Features of ICICI Bank Young Stars Savings Account
1. You can choose the Young Stars Debit Card.
2. Standing Instructions Facility to debit money from parents account to the Young stars account.
3. Manage your child’s account using Internet Banking, iMobile app and ATMs.
4. Earn higher interest by setting a balance limit above which money in the Savings Account will get converted into FD on request.
Eligibility Criteria
1. This is for children in the age group of 1day to 18 years.
2. The guardian can open and operate the account on behalf of the minor.
Click here to know more about the ICICI Bank Young Stars Savings Account.
Features of ICICI Bank Smart Star Savings Account
1. Complimentary personal accident insurance protection and purchase protection cover.
2. Free personalised debit card.
3. Personalised cheque book – cheques can be issued by the child.
4. Earn higher interest by setting a balance limit above which money in the Savings Account will get converted into FD on request.
5. Smart Star Account comes in two variants.
Eligibility Criteria
1. Minors above 10 years of age.
2. Minor can independently open and operate the account.
5. Future Stars Savings Account by Axis Bank
The Axis Bank offers Future Stars Savings Account for the children. This is also one of the best savings account for kids. The account helps you teach your children the importance of savings. And gives them a head start in building a strong financial foundation.
Features of Axis Future Stars Savings Account
1. Low minimum opening deposit of Rs.2500.
2. Personal accident insurance cover of Rs.2 lakh for the account holder.
3. Visa Platinum Debit Card at a nominal fee.
4. Free cheque books.
5. Free SMS alerts as well as internet banking services.
Eligibility Criteria
1. Children below 18 years of age.
2. It can be operated by a guardian for children below 10 years of age.
Final Thoughts
So, these are the Top 7 Best Savings Account for Children in India. The best bank for children’s savings accounts in India is in no particular order. You can pick the most suitable one for your child as per your need.
Opening a savings account for your child is one of the best ways to teach him/her money management. Therefore, introduce the concept of savings to your child by opening a savings account for him/her.
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