How To Open A Bank Account For Kids ?
Opening a bank account for kids is a smart way to teach them financial discipline, saving habits, and money management from an early age. Most banks in india and many around the world offer minor savings accounts designed for children below 18 years of age.
Steps to Open a bank Account for Kids:Choose the Right bank and Account TypeLook for banks that offer minor savings accounts with zero balance requirements, attractive interest rates, and child-friendly features like spending limits and parental controls.
Check EligibilityChildren can have a joint account with a parent or guardian. Typically:
For children below 10 years, the account must be operated by the guardian.
Children above 10 years may be allowed to operate the account independently, depending on the bank.
Gather Required Documents
For the child: Birth certificate, Aadhaar card (or school ID), and passport-data-size photo
For the parent/guardian: Aadhaar card, PAN card, address proof, and photo
Visit the bank or Apply OnlineYou can either visit the nearest branch or apply online through the bank’s website (if they offer wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital account opening).
Deposit the Initial Amount (if required)Some banks require a small initial deposit; others offer zero balance accounts.
Benefits of a Kids’ AccountTeaches money management
Encourages savings from a young age
Allows parents to monitor spending and savings
Opening a kids’ bank account is a valuable first step in teaching children about financial responsibility.Disclaimer: This content has been sourced and edited from Indiaherald. While we have made adjustments for clarity and presentation, the unique content material belongs to its respective authors and internet site. We do not claim possession of the content material.
Steps to Open a bank Account for Kids:Choose the Right bank and Account TypeLook for banks that offer minor savings accounts with zero balance requirements, attractive interest rates, and child-friendly features like spending limits and parental controls.
Check EligibilityChildren can have a joint account with a parent or guardian. Typically:
For children below 10 years, the account must be operated by the guardian.
Children above 10 years may be allowed to operate the account independently, depending on the bank.
Gather Required Documents
For the child: Birth certificate, Aadhaar card (or school ID), and passport-data-size photo
For the parent/guardian: Aadhaar card, PAN card, address proof, and photo
Visit the bank or Apply OnlineYou can either visit the nearest branch or apply online through the bank’s website (if they offer wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW">digital account opening).
Deposit the Initial Amount (if required)Some banks require a small initial deposit; others offer zero balance accounts.
Benefits of a Kids’ AccountTeaches money management
Encourages savings from a young age
Allows parents to monitor spending and savings
Opening a kids’ bank account is a valuable first step in teaching children about financial responsibility.Disclaimer: This content has been sourced and edited from Indiaherald. While we have made adjustments for clarity and presentation, the unique content material belongs to its respective authors and internet site. We do not claim possession of the content material.