Guide to Opening a Minor Savings Account in SBI in 2023
SBI, one of the leading banks in India, offers a range of bank accounts specifically designed for minors. Here, we will guide you through the process of opening a minor savings account with SBI in 2023. This comprehensive guide will help you navigate the necessary procedures and understand the features offered by SBI.
Understanding SBI Minor Savings Accounts
SBI introduces two types of minor savings accounts to cater to different age groups and requirements:
PehlaKadam: Suitable for minors of any age. PehliUdaan: For minors above 10 years who can sign uniformly.Procedure for Opening a Minor Savings Account
The process of opening a minor savings account in SBI is straightforward. Here are the steps you need to follow:
1. Pre-requisites
To open a minor savings account, you need to be a parent/guardian of the minor. Ensure you have:
A savings account in your name at SBI. A form to open the account, filled out with the minor as the first account holder and you as the joint holder. Your and the minor's photographs. The minor's birth certificate as age proof. Your PAN card information. The minor's address proof. Your signature for future transactions.2. Filling the Application Form
You need to fill out the application form with the details of the minor and yourself. The bank may also require a separate form from you to provide additional information.
3. Submitting Documents
You must submit all the necessary documents to the bank. This includes:
The filled application form. Your identification proof (PAN card). Your address proof. The minor's birth certificate. The minor's photograph, if required.4. Verification and Creating the Account
The bank will verify all the submitted documents. Once verified, the minor's savings account will be created. You will receive the account details, including a chequebook, an ATM/Debit card, and possibly a mobile banking app.
Features of SBI Minor Savings Accounts
SBI offers several features to enhance the account holding experience for minors. Here are the key features of the two types of accounts:
1. Monthly Average Balance (MAB)
MAB requirement does not apply for PehlaKadam, while PehliUdaan has a MAB of Rs. 10 lakh.
2. Cheque Books
PehlaKadam allows cheque books, where the mobile number of the account holder is recorded. PehliUdaan provides cheque books to minors who can sign uniformly, with a limited cheque leaf count.
3. Photo ATM-Debit Card
PehlaKadam provides a child's photo embossed ATM-Debit card with a withdrawal/POS limit of Rs. 5000. PehliUdaan provides a similar card for minors who can sign uniformly.
4. Mobile Banking
PehlaKadam and PehliUdaan both offer mobile banking with limited transaction rights, including bill payments, top-ups, and NEFT transfers. PehliUdaan also includes IMPS transfers.
5. Smart Scholar Market Linked Plan
This plan is offered only with PehlaKadam accounts, providing life insurance coverage for the parent.
6. Overdraft for Parents/Guardians
Only PehlaKadam accounts allow overdrafts against fixed deposits.
7. Standing Instructions and Automatic Sweeps
Only PehlaKadam accounts offer a free standing instruction for recurring deposits with an auto-sweep facility.
Conclusion
Opening a minor savings account with SBI is a secure and convenient way to manage your child's finances. By following the steps outlined above and understanding the features offered, you can ensure that your child's account is both functional and beneficial. Always keep your documents organized and updated to avoid any delays in the process.
FAQs
Q: What documents are required to open a minor savings account in SBI?
A: You need a savings account in your name, a filled application form, photographs, birth certificate, PAN card, and address proof.
Q: Can a 12-year-old open a minor savings account along with their parents?
A: Yes, for minors of any age, you can open a PehlaKadam account with your parents.
Q: What are the transaction limits for the minor's savings account?
A: Both PehlaKadam and PehliUdaan have a daily spending limit of Rs. 5000 for ATM/Debit card transactions and mobile banking.