Bank Children Saving Account FAQs
Children Saving Account FAQ
What are the different methods to transfer funds from one savings account to another?
There are following methods to transfer the funds from one savings account to another:
- Through Cash/ Cheque
- Through NEFT Transfer
- Through RTGS Transfer
- Through IMPS (Interbank Mobile Payment Services)
How can I deposit money into my kid's savings account?
You can deposit money into your kid's savings account through cash, cheque, bank draft or through fund transfer.
How can I deposit money into my kid's savings account?
You can deposit money into your kid's savings account through cash, cheque, bank draft or through fund transfer.
Can I use my ATM or Debit card for online purchase?
Yes, you can but first of all you will have to verify with your bank whether this facility is available in your account.
What benefits are offered in kid's savings account?
Generally, following benefits are offered under kid's savings account:
- Free chequebook and passbook facility
- Free cash withdrawal facility at ATM
- Free SMS alerts to track your transactions
- Online banking facility like fund transfer through NEFT and IMPS
- Easy availability of education loan
- Debit Card facility
When is the interest will be credited into my kid's saving account?
Interest earned on your account balance is calculated on average daily balance every day however it is credited to your account on a half yearly basis.
What is the rate of interest available on my kid's saving account?
It usually is equal to that of a regular savings account which ranges from 3.50% p.a. to 7% p.a. depending upon the bank with which you maintain your kid's saving account.
Can I operate my kid's saving account independently?
Yes, generally banks allow you to operate your account independently in case you are above 10 years of age and can sign on your own.
What will happen to my existing kid's savings account on my turning to 18 years of age?
Your account will be automatically converted to a regular savings account once your turn 18 years of age. You may need to submit some documents again such as your KYC documents and recent photo on that occasion.
Do I require to maintain any minimum average balance in my kid's savings account?
The minimum average balance in my kid's savings account differs from bank to bank and depends on the features and services offered by the bank. Some bank do not require any minimum balance to be maintained in case of a kid's savings account. In other cases, this requirement ranges from Rs.100 to Rs.5000.
What is a Minor's Savings Account or Kid's Savings Account?
This is an account in which the parent or guardian is the primary holder and the minor child is the second holder of the account. This account is opened by parents to help their children understand banking and also importance of savings.
How to choose the bank to open Kid's Savings Account?
You should select the bank on the basis of some major factors like interest rate offered on your deposit, minimum balance required to maintain your account, branch location and other serives offered by the bank.
What is the age criterion for opening minor savings account?
Minor account can be opened for children who are minore i.e. who are below the age of 18 years.
What are the operating instructions for minor account?
Usually, minor below 10 years account can be operated only through guardian. However, minor above 10 years can open self-operated account or they have a choice to operate under guardianship account.
Do I get debit card in my kid's savings account?
Yes, if your bank with which you have opened your account provides this facility and the same is opted for by you. However, it comes with some limits on transaction amount.
Do I get debit card in my kid's savings account?
Yes, if your bank with which you have opened your account provides this facility and the same is opted for by you. However, it comes with some limits on transaction amount.