INSUBCONTINENT EXCLUSIVE:
State Bank of India (SBI) offers Pehla Kadam and Pehli Udaan savings accounts for minors.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
EligibilityPehla 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 OperationPehla Kadam: This account has to be operated jointly with the parent or guardian or singly by the parent or guardian.Pehli
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
Internet BankingBoth the accounts have a per day transaction limit of Rs
One can make bill payments, inter-bank funds transfer (NEFT only), and get demand drafts from these accounts.5
Cheque book facilityPehla 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.
