Ujjivan Small Finance Bank Children’s Savings Accounts

Ujjivan Small Finance Bank offers a dedicated savings account for minors unlike most other small finance banks that do not

Ujjivan Small Finance Bank Children’s Savings Accounts

Ujjivan Small Finance Bank started out as a non-banking financial company (NBFC) in 2005 and received its commercial banking license in 2016. Unlike most other small finance banks, Ujjivan has a dedicated savings account for minors.

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Minor Account

The account can be opened jointly with a parent or guardian.

Features

  • There is no minimum balance requirement on the account, and consequently no charges on non-maintenance of the said balance
  • The account is operated by the parent or guardian until the child reaches the age of majority. The minor cannot operate the account independently
  • Minor accountholders get a personalised RuPay Classic Debit Card on request once they cross the age of 10 years
  • The Minor Account is converted into a regular savings account once the child reaches the age of maturity
  • The bank offers a free SMS facility on the guardian’s or the accountholder’s registered mobile number
  • Accountholders also get access to NEFT, RTGS and IMPS

Reference Facts

  • Ujjivan Small Finance Bank Website: www.ujjivansfb.in
  • Headquarters: Bengaluru, Karnataka
  • Call Centre Number: 1800 208 2121