State Bank of India (SBI) offers a host of savings schemes under its personal banking segment. Pehla Kadam and Pehli Udaan are two types of savings accounts for minors. These accounts help prepare your little ones for a sound financial future, besides inculcating the habit of saving money early. There are certain advantages of Pehla Kadam and Pehli Udaan savings account. Let's take a look at them.
Here are key things to know about SBI's Pehla Kadam account for children
1) A minor of any age can open this account, but it has to be jointly opened with the parent or guardian.
2) SBI's Pehla Kadam account has a transaction limit of ₹ 5,000 per day, in case of internet banking, and of ₹ 2,000 with mobile banking.
3) The interest rate on SBI's Pehla Kadam is similar to savings bank account. For savings deposits balance less than and over ₹1 lakh, SBI offers an interest rate of 2.70%.
4) For SBI's Pehla Kadam account, child’s photo embossed ATM-cum-debit card with withdrawal/POS limit of ₹ 5,000 will be issued in the name of the minor and guardian.
5) Personalised chequebook (with 10 cheque leaves) will be issued to the guardian in the name of minor under guardian for SBI Pehla Kadam account for children.
Here are key things to know about SBI's Pehli Udaan account for children
1) This account can be opened in the sole name of the minor above the age of 10 years who can sign uniformly.
2)SBI's Pehli Udaan account has a transaction limit of ₹ 5,000 per day, in case of internet banking, and of ₹ 2,000 with mobile banking.
3)The interest rate on SBI's Pehli Udaan is similar to savings bank account. For savings deposits balance less than ₹1 lakh, SBI offers an interest rate of 2.70%. On balance over ₹1 lakh, it offers the same interest rate.
4)For SBI's Pehli Udaan account, photo embossed ATM-cum-debit with withdrawal/POS limit of ₹ 5,000 will be issued in the name of the minor.
5) Personalised chequebook (with 10 cheque leaves) will be issued if the minor can sign uniformly for SBI's Pehli Udaan account for children.
Last week, SBI Mutual Fund launched a new fund offer (NFO), SBI Children’s Benefit Fund - Investment Option aimed at parents who want to invest for their children-related goals. This fund is suitable for child aged 1 to 14 years, and is open for subscription and will close on September 22.
