Citibank Children’s Savings Accounts

Citibank Children’s Savings Accounts

Note: After Citibank’s decision to close its retail business in India, it is looking to sell off its consumer banking business to another bank. The savings accounts including children’s savings accounts will likely be continued by the bank that acquires this business. If not, customers will be likely notified of what the new bank intends to do. As of March 2022, Axis Bank is the front-runner to buy the retail banking division of Citibank in India.

Citibank offers a range of retail banking and commercial banking solutions for the Indian market. The savings segment includes the Basic Savings Account, Citibanking Account, Citigold Account, Citi Priority, Citigold Private Client, Senior Citizens Account and the Citibank Junior Account.

Citibank Junior Account

The account is available for all children below the age of 18 years.

Features

• Need at least two accountholders of whom the first is the minor and the second the parent or guardian
• Comes with Systematic Investment Plans that helps the parent plan the child’s future
• Children above the age of 15 years also get a debit card
• The Citibank Junior Account comes with two insurance plan options – BSLI Classic Child Plan and Dream Child Plan – that allow the parent to plan for the child’s education. The bank offers 10 different investment funds under the Classic Child Plan
• Accountholders can open their children’s Investment Services Accounts with the bank. They get online access to the investments and also get comprehensive reports on financial markets

Citibank is one of the early entrants into the credit card space in India, launching its cards way back in 1987. It offers various types of credit cards with different deals and offers. If you are interested to know more, please click on the bank name here: Citibank.