A child's bank account can also be opened, accessing facilities like ATM card and net banking.
State Bank of India also allows minor (under 18 years old) to open savings account with 'first step' and 'first flight'. An account can be opened under 'First Step' by any child of any age. However, if there is a child under the age of 10, this account will be a joint account with his parents or Guardian. Also, on the first flight, an account can be opened in the name of children 10 years of age or older who can sign.
These features will be available
These documents need to be submitted
To open both types of accounts, the bank has to provide some KYC documents. The 'First Step' account has to provide the child's birth proof and father's Aadhar card and PAN number. If there is no PAN then Form 60 will have to be filled. Also, the 'First Flight' scheme will have to provide the Aadhaar and PAN card along with the birth proof. If there is no PAN card then Form 60 will have to be filled. In addition, a photo will be provided along with both accounts. Click here for more information associated with these accounts.
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State Bank of India also allows minor (under 18 years old) to open savings account with 'first step' and 'first flight'. An account can be opened under 'First Step' by any child of any age. However, if there is a child under the age of 10, this account will be a joint account with his parents or Guardian. Also, on the first flight, an account can be opened in the name of children 10 years of age or older who can sign.
These features will be available
- These accounts provide ATM cum debit card facility. The card also has a photo of the child.
- A maximum of Rs. 5,000 can be transacted on an ATM machine or Point of Sale (POS) a day using ATM Debit Card.
- There is no provision for keeping a minimum balance in this account. This account can also be opened on Zero Balance. A maximum of Rs.10 lakh can be kept in this account at a fixed time.
- The interest earned on these accounts is the same as the savings account. The nominee's facilities are also provided in it.
- The auto swap facility is also being offered in this account. If this amount is more than Rs 20,000, it will be FD.
- In these accounts you are given a check book. However, this requires your mobile number to be registered.
- It also offers Internet Banking and Mobile Banking with Limited Transaction Limited.
- A maximum of Rs 5,000 can be transacted in one day with internet banking.
- Through internet banking, term deposit, recurring deposit account can be opened.
- Up to 2,000 transactions a day can be done through mobile banking.
These documents need to be submitted
To open both types of accounts, the bank has to provide some KYC documents. The 'First Step' account has to provide the child's birth proof and father's Aadhar card and PAN number. If there is no PAN then Form 60 will have to be filled. Also, the 'First Flight' scheme will have to provide the Aadhaar and PAN card along with the birth proof. If there is no PAN card then Form 60 will have to be filled. In addition, a photo will be provided along with both accounts. Click here for more information associated with these accounts.
IMPORTANT LINK:::
READ NEWS REPORT FROM HERE
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