All Details About The Saving Account For Minor In SBI: Recently State Bank Of India has launched two new savings accounts with multiple benefits for minors. The two accounts have been named as ‘Pehla Kadam’ and ‘Pehli Udaan’.
The accounts will have every facility from Net banking to mobile transfer. SBI is nudging on the importance of saving money and are encouraging the minor youth to be familiar with the banking system. The features provided by the minor accounts of SBI are:-
No Monthly average balance to be maintained is required. The maximum balance can be up to 10 lakhs rupees.Cheque books will also be issued on both accounts. The mobile number of the account holder will be recorded and 10 cheque leaves will be there in the book.
Reminder:- in the case of Pehle Kadam the cheques will be issued to the guardian of the account holder and in Pehli Udaan it will be issued to the minor itself if he is duly capable of signing.
Photo Atm/Debit card will also be issued to them. The limit of withdrawal is 5000/- for Pehla Kadam and it will be issued in the name of the minor and the guardian. While for Pehli Udaan the limit is 5000/- and the card will be issued on the name of the minor.
Mobile banking will be enabled with the daily limit set for 2000/-.The auto sweep facility will be there with 20000/- being the minimum threshold. No overdraft is included in Pehli Udaan while,Overdraft against Fixed deposits for parent/guardian subject to fulfilling other terms and conditions in case of Pehla Kadam.
This all little info about the SBI Minor Saving Aacount, what is your opinion about it?, please let us know in the comment section, for more posts and updates like this, stay tuned with us.