One of the newer banks in the country, IDFC Bank, offers a dedicated savings bank product for children called the Minor’s Savings Account.
Minor’s Savings Account
The account is available to all children below 18 years of age provided the parent or guardian has an account with the bank.
- Children accountholders above 10 years of age can open and operate the account in their own name
- The bank requires a minimum deposit of Rs. 25,000 at the time of opening the account
- There is no obligation to keep a minimum balance but there is a mandatory stipulation under which a sum of Rs. 2,000 per month must be transferred for a period of 2 years from the parent’s account to the child’s account
- A debit card is only provided if it is opted for. Plus, the Minor’s Savings Account comes with specific limits of Rs. 10,000 each at domestic ATMs and POS sales
- The account comes with a sweep facility under which when the account balance crosses Rs. 15,000, the balance over and above Rs. 10,000 is transferred into a fixed deposit with a tenure of one year and one day
- IDFC Bank Website: www.idfcbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1800 419 4332