SBI Accounts for minore or below the age of 18. SBI offered good rate of interests & some special benefits to the account holders. check your eligibility below:
Under this saving account comes the ‘Pehla Kadam’ and ‘Pehli Udaan’ Scheme.
– Pehla Kadam
| Eligibility | Minors, account is jointly opened with th eminors parents or guardian. |
| Minimum Balance | The minimum balance is nil |
| Cap on Balance | *An amount of Rs 5 lacs must be deposited in the account.
*Rs 10 lac aggregate deposit on the CIF of the minor. |
| Nomination Facility | Nomiantion facility is available and is recommended in this saving plan. |
| KYC Requirements | *Date of Birth if the minor on whose name account has be opened.
*KYC of the minor’s parents or guardians |
| Auto Sweep | SBI Saving Bank Account for Minors serves auto-sweep facility with a minimum of Rs 20,000. You can sweep in for a multiple of Rs 1000 for Rs 10,000. |
| Interest rates | 4% per annum |
| Mode of Operation | The mode of operation is jointly by the parents or guardian/ singly handled by only their parents or guardian. |
– Pehli Udaan
| Eligibility | Minors who are 10 years or above and can sign uniformly. This account is made in the sole name of just the minor. |
| Minimum Balance | There is no minimum balance required for opening this saving account. |
| Cap on Balance | *An amount of Rs 5 lacs must be deposited in the account.
*Rs 10 lac aggregate deposit on the CIF of the minor. |
| Nomination Facility | Nomiantion facility is available and is recommended in this saving plan. |
| KYC Requirements | Date of Birth if the minor on whose name account has be opened.
*KYC of the minor’s parents or guardians |
| Auto Sweep | SBI Saving Bank Account for Minors serves auto-sweep facility with a minimum of Rs 20,000. You can sweep in for a multiple of Rs 1000 for Rs 10,000. |
| Interest rates | 4% per annum |
| Mode of Operation | The mode of operation is handle singly by the minor. |
