New Delhi:
Today financial services are no longer limited to one age group. Even a minor can easily keep and operate his bank account.
Since 2014, this facility has been given by RBI to children above ten years, after which it has become easy for children to open an account.
ICICI Bank Young Stars Account for kids, State Bank of India Pehla Kadam and Pehli Udaan, HDFC Bank Kids Advantage, and Union Bank of India youth banking account.
But while opening the history of minors, some things should be kept in mind, which we will tell in this report.
Age of child
Most banks have two types of accounts for minors. One is for children below ten years, and the other is for children between the ages of 10 and 18.
The big deal is that if the child is younger than ten years, the parents have to operate jointly with him.
Minimum balance and banking facilities
Banks also provide all kinds of facilities to minors. The minimum balance limit in most banks ranges from Rs 2500 to Rs 5000.
Apart from this, all types of banking facilities are provided on these accounts, which include checkbooks, internet banking, and ATMs.
Debit Card
Some banks issue debit cards with photographs, while some banks may have the name of the parent or the child on the card.
Ensure that the SMS alert facility is activated on the account so that information about transactions is received immediately.
Also, take the child to an ATM to show them how to withdraw money safely.
Spending limit
There is also a spending limit attached to the minor account. However, it depends on the bank.
You can get up to Rs 1000, Rs 2,500, and Rs 5000 as per the limit given by the bank. You can withdraw Rs 50,000 without parental consent and Rs 2 lakh with support in a financial year from the bank.
