Looking for the best banks for children’s savings accounts? Then I must say that you are a good dad or mom as you have realized the importance of having a children’s savings account in current time. Recently you might have noticed that many banks have started offering special savings account for kids.
Off-course this is a promotional technique of the banks to attract more customers, but in other way we are teaching our kids how to invest money from a very early age. It is always good to start your investment as early as possible as your money will get enough time to grow and create large corpus for future. In this article we will share such few banks and their savings account which will be best for your kid to start investing.
Top 12 children’s savings accounts from banks in India
As I said already, banks have started promoting these products as this is one of the best way to attract new customers via kids. I found many banks, in fact almost every bank is offering such kids accounts.
Check out the list of such savings accounts from leading banks in India.
- State Bank of India (SBI)– PehlaKadam PehliUdaan
- HDFC Bank – Kids Savings account
- Kotak Bank – My Junior Account
- ICICI Bank – Young Stars Account
- Axis Bank – Future Stars Savings Account
- IDBI Bank– Power Kids Account
- United Bank of India – United Children Savings account
- Yes Bank – My First YES Account
- CitiBank – Junior Account
- Karur Vysya Bank – Jumbo Kids Savings Account
- Indian Bank – IB Smart Kid Savings Account
- Central Bank of India – CENT Bal Bhavishya
Besides that I would like to add Sukanya Samriddhi Account also in this list as this is one of the best investment option for kids launched recently.
Key Highlights of Kids Savings Accounts
- The basic features of such accounts are like the maximum age limit is up to 18 years of age only.
- The minimum account balance is kept very low, E.g. Rs 2500 – 3500. There are transaction fee on withdrawal after some initial limits.
- Standing Instructions Facility to debit money from parents account to the youngstars account
- Free Internet Banking access
- Free Mobile Banking Access
- Free email statement
- Pre-paid Mobile recharge facility
Pros & Cons of Child Saving Accounts
So, do you think this is a good idea of opening a savings account for your kid? We have seen the positives of this already. But the biggest worry is – Misuse. As a parent you have to very concious and let your kid be aware about how to keep their ATM cards or debit card safe and also how to securely transact online to avoid fraud.