Opening a bank savings account for minors is essential for parents to help their children with their financial education and planning. IndusInd Bank provides a suitable option for starting this process early with their young saver account. This blog will provide information about the key features and application process for opening such an account digitally.
IndusInd Bank Account for Minors
IndusInd Bank offers a savings account for minors called the Young Saver account. This account allows parents to start early saving and planning for their child’s future.
What is an IndusInd Young Saver Account?
- A savings account can be opened for children below 18 years of age.
Particulars of Young Saver Account:
| Bank | Category | Minimum Balance | Interest Rate | Card Offered |
|---|---|---|---|---|
| IndusInd Bank | Young Saver | Rs. 1000 | – | Debit Card at 14years |
The Young Saver account from IndusInd Bank has a low minimum balance and offers interest on balances. It also provides a debit card facility once the child turns 14, allowing them to learn financial management skills early. It can help children learn good savings habits and achieve their future goals.
How do you open an IndusInd Bank Minor Account online?
Opening a bank account for your child is essential in teaching them responsibility from a young age. IndusInd Bank offers a hassle-free option to open minor accounts online.
- Visit the IndusInd Bank website and click on ‘Open Account Online.’
- Select ‘Young Saver Account’
- Enter minor details like name, date of birth, etc
- Submit a scanned photo and signature of the minor
- Enter parent/guardian details for account operations
- Complete a time password verification process
- The application will be processed within three working days
- Login credentials for Internet banking will be sent via email/SMS
How do you open an IndusInd Bank Minor Account offline?
Opening a bank account for your child is essential in nurturing smart savings habits from a young age. With IndusInd Bank’s Young Saver Account, you can easily open an account for your minor by visiting any nearby branch.
- Visit the nearest IndusInd Bank branch with the required documents like the minor’s photo, address and ID proof of guardian.
- Fill out the account opening form providing details of the minor and guardian. The signature of the guardian is required.
- Submit the required documents and initial deposit as per bank policy.
- Account will be opened in the minor’s name and operated by the guardian till the minor attains majority.
- Regular account and interest payment updates will help your child learn money management quickly.
Types of IndusInd Bank Savings Account
IndusInd Bank offers various savings account options to start your child’s financial journey. Some suitable accounts are:
- Indus Young Saver – A savings account for kids up to 18 years old with zero balance and a free debit card on reaching 12 years old. Earn higher interest than regular savings accounts.
- Salaried Individual Savings Account – For salaried individuals, including parents, with benefits like free ATM transactions and online banking. It is good to park funds for children’s needs.
- Basic Savings Account – A primary account with a low minimum balance for starting early investments and savings for your child’s future.
Services With IndusInd Bank Savings Account for Minors
The IndusInd Bank savings account for minors offers different services to help manage your child’s finances. Some essential services include:
- Online Banking: Check balances and transactions from anywhere using Internet banking.
- Debit Card: Get a debit card from ATMs for pocket money withdrawals within the limit.
- Zero Balance: Maintain the account without any requirement for a minimum balance.
- Interest: Earn interest on balances above Rs.10000 at higher rates than regular savings accounts.
- Fund Transfer: Transfer allowances from the parents’ account online to the children’s accounts.
- Statements: Receive monthly e-statements to track money movement.
- Nominee: Assign nominee to secure funds for children’s future.
- Tax Benefits: Interest up to Rs.2500 earned is tax exempted under Section 80C.
Fees
To help parents understand all the costs of maintaining a savings account for their child, we detail the various fees below. Knowing this information upfront will assist with financial planning for your child’s future.
Points on fees:
- The minimum balance fee is waived, and there is no requirement to maintain the average quarterly balance.
- The first 4 withdrawals are free per month, with ₹50 charge per withdrawal afterwards.
- Debit card issued free of cost, annual maintenance charge of ₹100 waived.
- RTGS/NEFT/IMPS transactions are free; cash deposits/withdrawals at non-home branches ₹100 plus GST.
- Duplicate/additional passbook ₹100, cheque return charges ₹100 plus GST for funds insufficient.
- Account closure within six months ₹500, interest certificate ₹100, demand draft/pay order issuance ₹100 plus GST.
Documents Required
To open a savings account for your child, you must submit certain vital documents. Having these documents ready will help speed up the account opening process. Below are the essential documents to carry:
Documents Required:
- Photograph of a minor child
- Birth certificate or school leaving certificate of minor
- Address proof of parent/guardian like Aadhaar/Passport/Voter ID
- PAN card of parent/guardian
- Identity proof of parent/guardian like Aadhaar/Passport/Driving License
Transaction limit of IndusInd Bank Minor Account
Transaction limits are essential things to know about minor bank accounts. Here are the critical points about transaction limits:
- The daily withdrawal limit is Rs.10,000 only. Higher withdrawals require a guardian’s signature.
- The maximum balance allowed is Rs.1 lakh only. The balance above this will earn average savings account interest.
- Only four free withdrawals per month, including ATM. Additional transactions charged Rs.25 plus taxes.
- With guardian approval, the online transfer limit to other accounts is Rs.10,000 per day.
IndusInd Bank Minor Account opening application form pdf
IndusInd Bank provides an easy online application process for opening a minor savings account. The application form is simple and can quickly be completed by the legal guardian. Once submitted, the bank will verify the documents and details provided. The minor account can be opened virtually within a few business days. A digital copy of the minor account opening form can be found here: https://www.indusind.com/content/dam/indusind-corporate/account-opening/English/Resident-Individual-Saving-Account-Opening-Form.pdf.
Eligibility Criteria for IndusInd Bank Minor account
To open an IndusInd Bank minor account, Eligibility Criteria for IndusInd Bank Minor account:
- The child must be between the ages of 12 and 18 years.
- The account can be opened by the parent/guardian in single and joint names.
- The minimum initial deposit to open this account is Rs. 1000.
- Only one withdrawal is allowed yearly for educational expenses after the child turns ten.
Final Word
IndusInd Bank’s minor savings account is an excellent early banking solution for parents to teach their children savings habits and allow their funds to grow safely. The online application makes opening such an account secure and straightforward. One must plan their child’s financial future for their education and goals from a young age with a tailored bank product like this minor account.
FAQs
If a minor is over 12 years old, they can open an Indus Young Saver Account themselves.
IndusInd Bank Limited is an Indian financial services company headquartered in Mumbai, Maharashtra.
IndusInd Bank is a private sector bank in India, not a government-owned or controlled bank.
IndusInd Bank is considered a safe option with over 25 years of operations and following standard banking regulations.
The current Managing Director and CEO of IndusInd Bank is Mr. Sumant Kathpalia.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
