Opening a savings account for children allows parents to save and manage finances for their future goals in a systematic way. HDFC Bank offers the Kids Advantage Account that gives children hands-on experience managing money under parental supervision. This blog details the key features, eligibility, application process and benefits of opening a minor savings account with HDFC Bank to help parents secure their child’s future.
Account HDFC Bank Minors
HDFC Bank offers an account tailored for children known as Kids Advantage Account. This account helps parents secure their child’s future through regular savings from a young age.
What is HDFC Bank Kids Advantage Account?
The Kids Advantage Account allows parents to open an account for their children below 18 years. Some key features include:
| Bank | Category | Minimum Balance | Interest Rate | Card Offered |
|---|---|---|---|---|
| HDFC Bank | Minors Account | Rs. 1000 per month via SI | 3.00% to 3.50% | Debit card for transactions upto Rs. 2500 and Rs. 10000 |
The account secures the child’s future through benefits like free accident insurance of Rs. 1 lakh and option to setup monthly SIP in mutual funds. A debit card helps children learn financial management. Parents can monitor the account and transfer funds via netbanking. It nurtures good saving habits in children from a young age.
How to Open HDFC Bank Minor Account Online?
Opening a bank account for your child online is simple and convenient with HDFC Bank. The Kids Advantage Account provides a bright financial future for the child.
How to open HDFC Bank Minor Account Online:
- Visit HDFC Bank website and select ‘Accounts’
- Click ‘Savings Accounts’ and choose ‘Kids Advantage Account’
- Provide child’s details like name, date of birth
- Enter parent’s mobile number and email for login credentials
- Choose account type and submit required documents
- Set up mandatory monthly SIP of Rs. 1000 using netbanking
- Generate one time password on registered mobile for verification
- Account will be activated instantly, and debit card shipped to address
Getting the account rolled is hassle-free and ensures your child’s future is secured through small monthly savings and protective insurance cover.
How to Open HDFC Bank Minor Account Offline?
For customers who prefer offline banking, HDFC Bank allows opening a minor account from the nearest branch. Here are the simple steps:
How to open HDFC Bank Minor Account Offline:
- Visit your closest HDFC Bank branch
- Carry KYC documents of child like birth certificate, address proof
- Provide parent’s photo ID and address proof
- Fill application form with minor’s details and parent’s details
- Deposit initial amount as per bank requirements
- Signature of parent is mandatory in branch
- Debit card will be sent via post within 7 days
Types of HDFC Bank Savings Account
HDFC Bank offers multiple savings accounts to suit different needs. Here are the main types:
Types of HDFC Bank Savings Accounts
- Regular Savings – For basic banking needs with ATM card and online access.
- Salary Account – Additional benefits if you get salary credited.
- Women’s Savings – Special offers targeted for working women.
- Super Kids Savings – Grow your child’s savings with insurance and benefits.
- NRI Savings – Accounts for Non-Resident Indians with global banking access.
Choosing the right type of savings account ensures you get maximum value from your bank. Consult HDFC Bank for other options.
Services With HDFC Bank Savings Account For Minors
An HDFC Bank Kids Advantage Account offers several benefits to help your child financially. Here are some of the main services:
Services With HDFC Bank Savings Account For Minors
- Debit Card access for purchases and ATM withdrawals
- Access to online and mobile banking to check balance
- Secured Future insurance cover of Rs. 1 lakh
- Standing instructions to save monthly amounts
- MoneyMaximizer to automatically grow excess savings
- Special offers and discounts on products
- FREE cheque book and statement
- Fund transfers between accounts for flexibility
Fees and Charges
While opening an account for your child, it is important to understand any applicable fees or charges. The Kids Advantage Account from HDFC Bank aims to keep these low. Here are some important points regarding fees:
Fees and Charges
- No minimum balance requirement
- First year account maintenance is FREE
- 5 cheque leaves issued annually FREE
- Unlimited ATM transactions at HDFC Bank
- ₹100 + GST for extra cheque leaves
- Replacement of lost debit card for ₹100
- No charges on mobile/netbanking funds transfer
The account offers hassle-free banking for children with minimum costs to parents. Let’s help the new generation understand financial responsibility.
Documents Required
Documents Required
To open an account for your child, a few basic documents will be necessary. The application process aims to be hassle-free while ensuring all regulatory requirements are met.
Documents Required
- Passport size photos of minor and parents/guardian
- ID and address proof of parents
- Birth certificate of child
- PAN card of parents (important for tax benefits)
- Aadhaar card for KYC verification
Transaction limit of HDFC Bank Minor Account
The Kids Advantage Account comes with certain spending limits to ensure safe usage. This allows children to learn money management from a young age in a restricted environment.
Transaction Limits
- ATM cash withdrawal – Rs. 2,500 per day
- Point of Sale transactions – Rs. 10,000 per day
- Cheque book withdrawals – As per account balance
- Online transactions – View balance, pay bills
HDFC Bank Minor Account Opening Application Form pdf
Opening a Kids Advantage Account with HDFC Bank is simple. The application form is available in PDF format which can be downloaded from the bank’s website. Parents need to fill in basic details of themselves such as name, address and contact details in the application form. They also need to provide minor child’s name, date of birth and relationship with parents. Once completed, the application form can be submitted to the nearest HDFC Bank branch along with required documents for account opening.
To download the HDFC Bank minor account opening form, click here:
Eligibility Criteria for HDFC Bank Minor account
Opening a minor account with HDFC Bank is simple. The key eligibility points are:
- The minor must be between 6 months to 18 years of age.
- Either parent can open the account on behalf of their child. Mother, father or legal guardian can be the operating authority.
- Minimum initial deposit of Rs. 1000 is required to open the account.
- Nomination facility is available for accounts where the minor is 10 years or above.
- Debit card issuance rules are as per RBI guidelines. Up to 12 years a minor can’t operate the card. From 12-18 they need guardian permission.
- Standard KYC documents like address and identity proof of the minor and parent are required.
- Account services can be accessed via digital and non-digital modes based on operational rules for minors.
Opening a savings account for your child with HDFC Bank is simple. Just ensure you and your child meet the basic eligibility requirements.
Final Word
The HDFC Bank Kids Advantage account provides a perfect start for children to learn financial literacy. With useful features like insurance cover, money maximizer facility and debit card, it ensures the child’s future is taken care of while allowing limited access to funds. The simple online application process also makes account opening hassle-free. Opening such an account is ideal for responsible parents who want to inculcate good financial habits in their children from a young age.
FAQs
Yes, HDFC Bank allows parents to open a savings account for their minor children above 6 months of age. This can be opened in the form of a Kids Advantage account.
The minimum balance required to be maintained in a minor account is Rs. 1000. Accounts falling below this minimum balance amount are charged a penalty as per bank rules.
No, UPI payment services cannot be accessed from a minor bank account since that would require the account to be mapped with a mobile number and only adults above 18 years of age can do so as per regulations.
A minor account can be opened for children between 6 months to 18 years of age. On turning 18, the account automatically gets converted into a regular savings account.
A minor account can be opened for children between 6 months to 18 years of age. On turning 18, the account automatically gets converted into a regular savings account.
The Reserve Bank of India has approved the re-appointment of Sashidhar Jagdishan as MD and CEO of HDFC Bank.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
