SBI vs Allahabad Bank: Children’s Savings Accounts

State Bank of India offers two children’s savings accounts, Pehla Kadam and Pehli Udaan but Allahabad Bank does not have a children-focussed savings account per se. The bank offers its standard savings account to minors.

Let us look at each of these accounts. But first a note.

Note: The Indian Banking Industry is going through a phase of mergers and amalgamations. Nationalised banks are being combined to make bigger entities. One bank that is being combined with another is Allahabad Bank. So, even though it is likely that what the bank currently provides will remain same for some time, chances of accounts with similar objectives but of different banks being combined under a new scheme is highly probable after the dust settles.

Now back to topic.

Children’s Savings Accounts from SBI

Pehla Kadam

The account is meant for all children and can be opened jointly with a parent or guardian.


  • Does not have any minimum balance requirements
  • Daily transactions have an upper limit of Rs. 5,000 and transactions such as bill payments, prepaid mobile top-ups have a limit of Rs. 2,000 within the larger Rs. 5,000 limit
  • SBI offers an auto-sweep option with this account called SBI Multi Option Deposit Scheme (MODS). If the accountholders opt for this, then any amount above Rs. 20,000 in the account is put in a term deposit. The MOD is initially for a sum of Rs. 10,000 and in Rs. 1,000 multiples thereafter. As is common for banks, there is no clarity on the website if the auto-sweep facility kicks in if the account has a balance of Rs. 30k. This will mean after Rs. 10k is taken for an FD, there is still Rs. 20k left
  • The maximum balance that can be kept in the Pehla Kadam account is Rs. 10 lakh
  • The child gets a specially branded chequebook and passbook in addition to a debit card that is personalised with her own photo

Note: The links to specific accounts may not work. The above data was taken from internet searches. We have put the links here in the hope that they work some day. Even the WayBack Machine shows an error when we tried to pull a page from July 5, 2017.

Pehli Udaan

The account is meant for kids above 10 years of age. They are allowed to open and operate the account on their own.


  • As stated above, any child above the age of 10 years who can read and write, may open the account in her own name without the need for any parent or guardian
  • Except for the age criteria, the other features of the Pehli Udaan account are same as for the Pehla Kadam account

Children’s Savings Accounts from Allahabad Bank

Or savings accounts that can be opened for children also.

Savings Account Features

  • The initial deposit has to be paid in cash
  • If you need a chequebook with the account, the bank has a minimum balance requirement of Rs. 500 in rural and semi-urban areas. It is Rs. 100 without a chequebook. The minimum balance requirement in urban areas is Rs. 1,000 with a chequebook and Rs. 500 without
  • The bank will give you 20 free cheque leaves each year

Premium Savings: Allahabad Bank also offers you a Premium Savings Bank Account that has a minimum balance requirement of Rs. 5,000 in rural areas and Rs. 10,000 in urban geographies. If you want to have a children’s account with more facilities than what the standard account offers, you may ask the bank to open this account on behalf of your child.

Other Accounts: The Bank also offers a 3-in-1 account in partnership with Aditya Birla Money. This has an online trading account and a Savi Fix account that allows individual savings bank account holders to opt for a Multiple Option Deposit (MOD) scheme to increase their returns.

Important point: The Allahabad Bank website does not specifically say if it offers the 3-in-1 account or Savi Fix account for children except clarifying that it is open to savings account holders. It may be that this account is not meant for kids but the bank may allow young adults above 18 years of age to open one. Best if you ask the bank branch.

Deposits: In terms of other savings options (deposits, not accounts), the bank offers the Sishu Mangal Deposit Scheme for children in the age group of 1-15 years. You should ask the bank about this scheme and see if it suits you better than say, a premium savings, 3-in-1 or Savi Fix account.

Reference Facts

  • State Bank of India Website: and (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1800 425 3800, 1800 112 211, 1800 110 009 (pensioners only)
  • Allahabad Bank Website: and (net banking)
  • Headquarters: Kolkata, West Bengal
  • Call Centre Toll-Free Number: 1800220363 (ATM / Other Delivery channels), 1800226061 (Internet, Mobile and SMS Banking)