State Bank of India (SBI), country's largest lender, offers Pehla Kadam and Pehli Udaan savings accounts for minors. Pehla Kadam and Pehli Udaan are meant for children under the age of 18. While the Pehla Kadam account can be opened in the name of an individual aged below 18 years, the Pehli Udaan account is meant for those are above 10 years of age, according to SBI's website - bank.sbi. One also doesn't need to maintain Monthly Average Balance (MAB) for both accounts. In other words, these bank accounts can be operated with zero balance.
Here are key things to know SBI's Pehla Kadam and Pehli Udaan accounts:
1. Eligibility
Pehla Kadam: Minor of any age can open this account but it has to be jointly opened with the parent or guardian.
Pehli Udaan: This account can be opened in the sole name of the minor above the age of 10 years who can sign uniformly.
2. Mode of Operation
Pehla Kadam: This account has to be operated jointly with the parent or guardian or singly by the parent or guardian.
Pehli Udaan: One can singly operate Pehli Udaan account.
3. ATM-cum-Debit Card
Pehla Kadam: Child's photo embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs. 5,000 will be issued in the name of the minor and guardian.
Pehli Udaan: Photo embossed ATM-cum-Debit with withdrawal/POS limit of Rs. 5,000 will be issued in the name of the minor.
4. Internet Banking
Both the accounts have a per day transaction limit of Rs. 5,000. One can make bill payments, inter-bank funds transfer (NEFT only), and get demand drafts from these accounts.
5. Cheque book facility
Pehla Kadam: Personalised chequebook (with 10 cheque leaves) will be issued to the guardian in the name of minor under guardian.
Pehli Udaan: Personalised chequebook (with 10 cheque leaves) will be issued if the minor can sign uniformly.
Interest rate is offered as applicable to savings bank account, which is calculated on daily basis for the accounts. Nomination facility is also available with both accounts.
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