Utility News: With these accounts of State Bank of India, children can inculcate the habit of saving
The State Bank of India (SBI) has taken a major step to promote healthy financial habits among children. In this regard, SBI has given the facility to open two types of savings accounts for children.
They are known as the first step and the first flight. In these, the account holder is not required to maintain any minimum balance in the account at a particular point in time. However, you can deposit a maximum of Rs 10 lakh in the accounts, which is more than enough for children. In addition, these accounts provide net banking and mobile banking facility.
Pehla Kadam Bank Account: This account can be opened for a minor of any age. The account will be opened jointly with the parent/guardian.
Benefits: A checkbook is available in this. The child gets a photo embossed ATM-cum-debit card with a withdrawal limit of Rs 5000/-, which will be issued in the name of the minor and the guardian. It provides a mobile banking facility.
First Udaan: First Udaan account can be opened for signing minors above the age of 10 years.
Benefits: A checkbook is available. Photo Embossed ATM-cum-Debit. A mobile banking facility is available with limited transactions.