Indian Overseas Bank Children’s Savings Accounts
Indian Overseas Bank is a Chennai-based public sector bank in India. IOB offers a range of saving schemes – Children’s Savings Account is one of them. The bank offers SB – Little Star Account for young children.
SB – Little Star Account
The account has been designed for all children – from 1 day old babies to up to 18 year old young adults.
Features
- The account can be opened by any child aged 1 day to less than 18 years
- The minimum balance needed in the account is Rs. 100, while the maximum amount that can be kept is Rs. 50,000
- IOB offers free collection facility for cheques or draft instruments gifted to the child and valued up to Rs. 25,000 per annum
- It also offers a Sweep-In, Sweep-Out facility where any amount in the account in excess of Rs. 10,000 is taken out of the account and turned into fixed deposits of Rs. 2,000 each. If the balance falls below Rs. 10,000 then the most recent fixed deposits are put back in the SB – Little Star Account so the balance is back to being at least Rs. 10,000
- Parents also have the option to invest in other options such as recurring deposits, insurance, mutual funds and so on
Reference Facts
- Indian Overseas Bank Website: iob.in and www.iobnet.co.in (net banking)
- Headquarters: Chennai, Tamil Nadu
- Call Centre Number: 1800 425 4445