The bank offers three savings account options for children. One is the AB Kiddy Bank and the other two are AB Little Stars and AB Teens. Let’s us look at them in some detail.
AB Kiddy Bank
This is the standard savings account and available to all minors below the age of 18 years. Here are its features
- Can be opened by any minor up to the age of 18 years
- Kids above the age of 10 years (and below 18) can open and operate the account without the need for an adult guardian if they can produce proof for their date of birth
- The bank has made it an appealing product for children thanks to the piggy bank doll the child receives on opening the account. The doll can be unlocked only at the branch where the account is held
- The AB Kiddy Bank account can be opened with a minimum of Rs. 100
AB Little Stars
This account is for children in the 10-15 years age group. The rest of the features are as below.
- The account can only be operated by the parent or guardian
- The minimum balance requirement is Rs. 250 for rural and semi-urban branches and Rs. 500 for urban and metropolitan branches
- Andhra Bank issues a passbook with a photo and a special withdrawal booklet with the AB Little Stars account. The parent or guardian can withdraw money for the child on production of the savings banks passbook or any other ID proof
- No NEFT or RTGS withdrawals can be made from the account
This account is for teenagers in the 15-18 years age category. Most features are similar to the Little Stars account. They are as below.
- The AB Teens account can only be operated by the child provided he or she can sign for the account
- The minimum balance requirement is same as Little Stars, i.e. Rs. 250 for rural and semi-urban branches and Rs. 500 for urban and metropolitan ones
- Account holders get the passbook (with photo) and the special withdrawal booklet as with the Little Stars account
- Again, no NEFT or RTGS withdrawals can be made from the account
- Account holders get a Rupay ATM card with his or her photo and internet and mobile banking facilities
- Andhra Bank Website: andhrabank.in
- Headquarters: Hyderabad, Telangana
- Call Centre Toll Free Number: 1800 425 1515