INSUBCONTINENT EXCLUSIVE:
SBI accounts for minors: One also doesn't need to maintain Monthly Average Balance for both accountsState Bank of India (SBI), country's
largest lender, offers Pehla Kadam and Pehli Udaan savings accounts for minors
Pehla Kadam and Pehli Udaan accounts are meant for children under the age of 18
Pehla Kadam account can be opened in the name of an individual aged below 18 years, while the Pehli Udaan account is meant for those are
above 10 years of age, according to SBI's official website, sbi.co.in
One also doesn't need to maintain Monthly Average Balance (MAB) for both accounts.1
Eligibility and operationPehla 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 by a minor above the age of 10 years who can sign uniformly
This account has to be opened in the sole name of the minor, said SBI.2
Cheque book facilityPehla Kadam: SBI issues personalised chequebook with 10 cheque leaves are the guardian in the name of minor under
guardian, according to SBI.Pehli Udaan: SBI issues personalised chequebook with 10 cheque leaves if the minor can sign uniformly.3
ATM-cum-debit cardPehla Kadam: Account holder's photo embossed ATM-cum-debit card with withdrawal/POS limit of Rs
withdrawal/POS limit of Rs
5,000 will be issued in the name of the minor.4
Internet Mobile bankingInternet banking: Both the accounts have a per day transaction limit of Rs
banking: Both the accounts have a transaction limit of Rs
One can make bill payments and top-ups using the facility.5
Interest rate and other facilitiesThe interest rate on Pehla Kadam and Pehli Udaan is similar to savings bank account
For savings deposits balance less than Rs
1 lakh, SBI offers an interest rate of 3.5 per cent per annum
1 lakh, it offers an interest rate of 3.25 per cent per annum
Nomination facility is also available with these accounts.
