Opening a savings bank account for children is important to introduce them to basic banking and finance principles from a young age. This blog discusses the key aspects of minor accounts offered by Bank of Baroda, one of India’s largest public sector banks. It provides details on eligibility, account features to facilitate learning, and the simple process to sign up.
Table of contents
- Bank of Baroda Minor Account
- How to Open Bank of Baroda Minor Account Online?
- How to Open Bank of Baroda Minor Account Offline?
- Types of Bank of Baroda Savings Account
- Services With Bank of Baroda Savings Account For Minors
- Fees and Charges
- Documents Required
- Transaction limit of Bank of Baroda Minor Account
- Bank of Baroda Minor Account Opening Application Form pdf
- Eligibility Criteria for Bank of Baroda Minor account
Bank of Baroda Minor Account
A minor account is opened by the bank for children below 18 years. This helps children to develop savings habits from a young age. The account can be operated by parents or guardians for children below 10 years.
- A Bank of Baroda minor account refers to a savings account that can be opened for children below 18 years of age to encourage banking and financial literacy from a young age.
- Minor Account Particulars
- Bank Category Minimum Balance Interest Rate Card Offered
- Bank of Baroda Minor Account ₹500 3% ATM cum Debit card (limited usage)
How to Open Bank of Baroda Minor Account Online?
Opening a minor account online is very convenient. It saves time and effort of visiting the branch. One can complete the process from the comfort of their home.
- Visit Bank of Baroda website and select ‘Open account’ option
- Choose ‘Minor account’ and fill the online application form
- Upload scanned photo and identity documents of minor and guardian
- Key in details like monthly deposit amount from guardian’s account
- Submit and bank executive will verify and activate the account
- Login credentials will be sent via email or SMS for internet banking
- Minor can now start learning financial skills through this account!
How to Open Bank of Baroda Minor Account Offline?
Opening a minor account through offline mode is also simple. Some may prefer visiting the branch for assistance.
- Choose your nearest BOB branch and visit them
- Inform about wanting to open a minor account
- Branch executive will provide the application form
- Fill the form and submit required documents
- Officer will verify documents and activate account
- You will get OTP for login on registered number
- Minor can start using account under guardian supervision
Types of Bank of Baroda Savings Account
Bank of Baroda offers various savings account options for different customer needs:
- Regular Savings Account – A basic account for day-to-day transactions.
- Kids Savings Account – For children below 18 years to learn banking.
- Flexi Savings Account – Offers checking facility and higher interest.
- Salary Savings Account – For salaried people with tax benefits.
- NRI Savings Account – Catering to banking needs of NRIs.
- basic Savings Account – Entry level account for new-to-bank customers.
Services With Bank of Baroda Savings Account For Minors
Bank of Baroda minor accounts offer useful services for children:
- Debit Card & ATM access for cash withdrawals within limit for everyday needs.
- Online banking access allows viewing balance and transactions on mobile or web.
- Transfer funds from parent account in fixed amount every month for spending.
- Link to parent account ensures availability of funds if child’s account balance reduces.
- Auto sweep-in of excess balance into fixed deposit for earning higher interest.
- SMS alerts to parent’s registered number for every transaction done by child.
- Passbook and monthly statements to track transactions done by minor.
Fees and Charges
Every bank account has some fees and charges:
- No monthly account maintenance fee for children’s accounts.
- Free debit card provided with certain transaction limits per month.
- First few ATM cash withdrawals free each month, then Rs. 20 charge applies.
- Balance inquiry and mini statement printout at ATM are free.
- No charge on online fund transfers to other linked accounts.
- Rs. 150 is charged if minimum balance requirement is not met.
Documents Required
Opening an account for a child requires some basic paperwork:
- ID and address proof of parent/guardian like Aadhaar, Voter ID, Passport.
- Child’s Aadhaar or birth certificate as ID proof if Aadhaar not available.
- Recent passport size photos of child and parent/guardian.
- Address proof of parent/guardian like utility bill not older than 3 months.
- Form filled with minor’s name and parent/guardian details.
- Signed parent declaration form confirming account opening for child.
Transaction limit of Bank of Baroda Minor Account
Banks keep certain limits on transactions in minor accounts for safety. This helps control spending.
- ATM cash withdrawal up to Rs. 2,000/day.
- Daily purchase limit on debit card of Rs. 3,000.
- Monthly spend cap of Rs. 10,000 using debit card.
- Limit cheques written to 2 per day.
- Online transfers restricted to Rs. 5,000/day.
Bank of Baroda Minor Account Opening Application Form pdf
Opening a minor account with Bank of Baroda is simple. The first step is to download the minor account opening form from the bank’s website. The form is a single page document where basic details of the minor and guardian are collected. These include the minor’s name, date of birth, parent/guardian name and details. The form also asks for address and contact details.
Along with the filled form, ID and address proofs of both minor and guardian are required. The minor requires a passport size photograph. Once submitted to a Bank of Baroda branch along with documents, the account is opened. Funds can then be deposited through the linked parent account.
Parents can monitor transactions and teach their child online banking safety. The form ensures all necessary details are provided in a simplified manner for easy account opening.
The minor account opening form can be downloaded from:
Eligibility Criteria for Bank of Baroda Minor account
Opening a minor bank account with Bank of Baroda is simple. A guardian can help the young ones learn financial responsibility early. Here are the quick eligibility rules:
- The child must be under 18 years of age. Accounts can be opened for those between 10-18 years by themselves.
- For children below 10, the account must be jointly held with a parent or legal guardian.
- Both the child and guardian need valid ID and address proof. Documents like passport, Aadhaar, voter ID, birth certificate work.
- The guardian’s account with Bank of Baroda makes the process easier. Funds can be linked between accounts.
- A minimum balance rule may apply depending on the specific branch policies. Fees are charged if balance falls below the limit.
- Transactions are monitored for the child’s protection. Daily limits apply on withdrawals, transfers using cards/online banking.
Final Word
A Bank of Baroda minor account allows parents to inculcate savings habits in their child and empower them with banking skills for adulthood. While protecting funds through limits, it also rewards growing maturity. Overall, the account serves as a foundation for financial literacy from a developmental phase. Parents are encouraged to make the most of available resources to offer their ward a strong banking foundation.
FAQs
Yes, you can open a minor bank account with Bank of Baroda if you are under 18 years of age. A guardian needs to be added to assist in operations till you turn 18.
Shri Debadatta Chand has assumed charge as the Managing Director & Chief Executive Officer of Bank of Baroda. He leads the bank and makes important decisions regarding growth strategies and governance.
The minimum balance requirement varies based on the branch. Most branches require a minimum of Rs. 500-1,000 to be maintained in the account at all times to avoid penalty charges.
The maximum age to open and use a minor bank account is 18 years. Once the child becomes an adult after turning 18, the account needs to be converted into a regular savings account.
You cannot open Ordinary Savings account until you cross 18. So, UPI facility is not available for minor accounts as regular transactions are managed by the guardian only.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
