|Author: Kailash Kumar 04 Aug 2016 Member Level: Platinum Points : 4 (Rs 4) Voting Score: 0|
The SBI has offered two different types of minor accounts known as 'Pehla Kadam' and 'Pehli Udaan'. The 'Pehla Kadam' type of account can be opened by a minor of any age jointly with his/her parents. For opening such account the date of birth document of the minor and KYC documents of the parent is required. The following are some of the salient features of Pehla Kadam account -
1. Interest is calculated on a daily balance @ 4.00% p.a.
2. The account is transferable to any other SBI Branch without changing the account number.
3. Nomination facility is available.
4. A passbook is issued free of charge.
The author may visit the link - https://www.sbi.co.in/portal/web/personal-banking/savings-bank-accounts-for-minors for opening Pehla Kadam account or visit his bank branch for further necessary action. However, even after submitting the online application, the bank branch will have to be visited in any case together with necessary documents for completing the formalities.
|Author: Mahesh 04 Aug 2016 Member Level: Gold Points : 3 (Rs 3) Voting Score: 0|
SBI offers savings bank account for the minors. You can either link them with the parents account. Or you can have their minors standalone accounts. There are two types of minors account available namely - Pehla Kadam and Pehli Udaan.
Pehla Kadam is the type of account where it will be opened along with the parents joint nominee name. The transactions will be performed by both parents and the minor.
In case of Pehli Udaan, the account opened is purely on the name of the minor.
Both these type of accounts do not require any minimum balance. But both of these accounts have the financial cap on how much money they can hold. For example the pehla kadam account hold only 5 Lakhs and Pehli udan holds 10L in it.
The interest rate for both account is set at 4% per annum.
Apart from that passbook is issued free of charge. Also netbanking facility can be issued for the account too. Parents can check the balance from mobile banking. So lot of these actions on account can be taken jointly with the minor.
|Author: Timmappa Kamat 04 Aug 2016 Member Level: Gold Points : 4 (Rs 4) Voting Score: 0|
The State Bank Of India does offer accounts for minors. There are two types of accounts on offer - Pehli Udaan and Pehla Kadam.
The account can be opened by any minor of any age. The Pehla Kadam account can only be opened with the parent or guardian. There is no minimum balance criteria. However, there is a cap on the maximum amount that can be had in the account. The maximum balance allowed is just Rs. Five lakhs.
The account can be operated jointly with the parent. The parent is allowed to operate the account singly. Internet banking facility is provided on request. However, there is a limited transaction possibilities. The maximum transaction limit per day is Rs. 5000.
The rate of interest allowed is 4 percent. Overdraft facility is offered on the basis of the fixed deposits of the parent.
The account can only be opened in the name of a minor who is 10 years of age or more. The account is opened in the name of the minor.
There is no minimum balance required. The cap on the maximum balance is Rs. 10 lakhs. The account is operated singly by the minor. Internet banking facility is allowed with a limit of Rs. 5000 per day transaction. Unlike the Pehla Kadam account, the re is no overdraft facility provided.
The rate of interest is 4 percent.
Both the account types allow you to use internet banking and mobile banking facilities. Cheque books are provided for both the accounts. In Pehla Kadam account, the cheque books will be provided in the name of the parent. While in Pehli Udaan account, the chequebook will be in the name of the minor. The minor account holder needs to be able to sign uniformly. Photo ATM cum debit cards and mobile banking facility is also available for both the accounts.
Both these accounts can be opened online. You may visit the link https://www.sbi.co.in/portal/web/personal-banking/savings-bank-accounts-for-minors for more details.
To actually open the account, visit the link https://oaa.onlinesbi.com/oao/onlineaccapp.htm. Fill in the details properly. Once the application is submitted online, you will need to visit the branch with the necessary documents. Your account will be opened without any hassles.
|Author: Venkiteswaran. 04 Aug 2016 Member Level: Diamond Points : 3 (Rs 3) Voting Score: 0|
Let me tell you real practical answer in this regard with reference to this particular question.
The child may be just 5 or 6, I presume. As such there cannot be any account which can be opened on the name of the child. There is no question of the child operating the account at all.
What can be done is you, as father and natural guardian can open a "Minor account operated by Father and Natural Guardian" in the bank. Though the data could be filled online, for KYC verification you may have to personally visit the branch where you are opening the account . As you are already account holder of the bank, your customer ID is available with the bank. You may have to submit the copy of birth certificate to show DOB of the child and if needed the letter from the school asking for opening such an account.
If it has to be necessarily a joint account in the name of child and yourself, then the name title has to show that(Name of the child -minor, by F&G..)- and your name.
The account can be continued and when the child attains age of independent operation (10 yrs ) and able to sign consistently, the account can be converted to child's name alone if you want like that.
Generally in Minor accounts, there will be some restrictions and thresholds in transactions.