Opening a savings bank account for a minor child is a great way to inculcate the habit of savings from a young age. State Bank of India offers two unique savings accounts called Pehla Kadam and Pehli Udaan specifically tailored for minor customers. This blog provides all key details about SBI minor savings accounts like features, eligibility, application process and more.
Account SBI Bank Minors
SBI offers savings account for kids above 10 years and below 18 years of age. This helps parents teach their children value of savings from a young age. The key features of this account are outlined below:
- SBI Bank
- Minor Savings Account
- Category Savings
- No Minimum Balance Required
- Interest Rate 4%
- Debit Card Offered Yes, linked to guardian’s account
How to Open SBI Bank Minor Account Online?
Opening a savings account online for your child is simple and convenient. SBI provides a seamless process to open a minor bank account without visiting the branch. The steps are:
- Visit SBI internet banking website
- Select “Open Account”
- Choose “Minor Account” option
- Fill online application form with child’s details
- Upload KYC documents of minor and guardian
- Verify and submit application
- Login credentials sent via SMS/email
How to Open SBI Bank Minor Account Offline?
For parents who prefer the traditional method of personally visiting the branch, SBI allows opening a minor savings account without Internet banking. Simply follow these steps:
- Visit the nearest SBI branch with minor (above 10 years)
- Produce minor’s identification and address proof
- Fill account opening form providing child and guardian details
- Deposit initial amount and pick nominee
- Complete document verification procedure
- Account activated and ATM card issued instantly
Types of SBI Bank Savings Account
SBI offers different savings accounts to suit customers’ needs. The popular ones are:
- Regular Savings Account – For basic banking needs
- Basic Savings Bank Account – No frills account for priority sector
- SBI Salary Account – Dedicated account for salaried individuals
- SBI Smart Account – Savings account for young working professionals
- SBI Privilege Savings Account – Tailored for HNI with exclusive benefits
The minor savings account fits well for parents to teach children the value of saving from a young age.
Services With SBI Bank Savings Account For Minors
The minor savings account from SBI offers various facilities for hassle-free banking and financial learning. Some key services available are:
- ATM Card: Minor gets an ATM card at 18 years linked to guardian’s account.
- Internet Banking: View balance and statements online with guardian’s approval.
- Alerts on Transactions: SMS sent to registered mobile for every deposit and withdrawal.
- Check Book: Limited check book issued only after account holder turns 10.
- Nominee Facility: Guardian can be assigned as nominee to ease account transfer.
- Monthly Statements: Helps track transactions and savings habits over time.
Fees and Charges
There are some common charges associated with basic banking services on the minor savings account. These include fees for services like ATM usage, digital funds transfer, issue of passbook and cheque book, etc. The key charges are outlined below:
- ATM transaction charges beyond free limit
- SMS alerts for each transaction
- Passbook charges after one free passbook in a year
- Cheque book after one free cheque book in a year
- Digital fund transfer charges as per limit
Documents Required
To open a savings account for a minor, SBI Bank requires certain basic documents from the applicant. Submission of correct identification and address proof is mandatory as per KYC norms. The key documents needed are outlined below:
- Birth certificate or passport of the minor
- Identity and address proof of the parents/guardian
- Recent passport size photos of minor and parents
Transaction limit of SBI Bank Minor Account
To ensure safe banking and responsible financial management by minors, SBI Bank applies certain transaction limits for its minor savings accounts. The per day limits allow some experiential learning while restricting large transactions. The key transaction limits are summarized below:
- ATM withdrawal limit of Rs. 5,000 per day
- Mobile banking payment limit of Rs. 2,000 per day
- POS transaction limit of Rs. 5,000 per swipe
- No OD or loan facilities allowed on this account
SBI Bank Minor Account Opening Application Form pdf
The application process for opening an SBI minor savings account is simple. Applicants need to fill an account opening form providing basic details of the minor and guardian. SBI has made the application form for minor accounts available online for ease of opening an account. The form can be easily downloaded in PDF format by clicking here: https://retail.onlinesbi.sbi/sbi/downloads/new_account_opening_form.pdf . Duly filled form along with required documents can then be submitted to nearest SBI branch.
Eligibility Criteria for SBI Bank Minor Account
This section details who is eligible to open a minor savings account with SBI Bank.
- Pehla Kadam account can be opened for any minor of any age. This requires a parent/guardian to jointly open the account.
- Pehli Udaan account has an age limit. Only minors above 10 years who can sign uniformly are eligible to open this account. This account is in the sole name of the minor.
- Required documents differ based on the account. Pehla Kadam needs DOB proof of minor and KYC of parent. Pehli Udaan also requires these plus signature of minor on account opening form.
- Mode of operation also differs. Pehla Kadam allows jointly with parent or by parent singly. Pehli Udaan can only be operated singly by the minor.
Final Word
SBI Bank has specially designed savings accounts for minors to develop financial literacy from a young age. The accounts offer useful banking facilities while maintaining safeguards for minor customers. Opening an SBI minor savings account is a wonderful way to introduce children to the world of banking and finances. It helps them learn valuable life skills of saving money and its proper usage.
FAQs
Yes, SBI allows opening of a minor bank account. A minor’s account needs to be opened by their natural guardian/parents or legal guardian. The account can be opened in the name of the minor and the operations in the account will be handled by the guardian till the minor attains majority age.
The minimum age for opening an SBI bank account is 10 years. Account can be opened in the name of minor by their parents or legal guardians. The account will be under guardianship and the guardian will have the authority to carry out all banking operations on behalf of the minor till the age of 18 years.
No, Yono SBI app cannot be used by anyone under 18 years of age. As per SBI eligibility rules, only resident Indians above 18 years of age who are literate and able to sign uniformly can open and use digital banking services through Yono SBI app.
State Bank of India (SBI) is the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and almost every other parameter. It is a government owned corporation with listed shares held by the public.
Yes, SBI is considered a very trusted bank in India. It is the largest banking network and enjoys a very high level of brand trust amongst customers due to its leadership position, financial strength and government ownership.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
