State Bank of India launches Savings Accounts for children!
Posted on: 06/Sep/2014 2:17:00 PM
State Bank of India has introduced personalised savings accounts for children below 18 years of age.
The facility is known as ‘Pehli Udaan’. Children aged between 10 & 18 years can open a savings account. They can operate on the account by themselves.
In another scheme known as ‘Pehla Kadam’, children under 18 years of age can open a joint savings account with one of the parents or guardian.
Once the account is opened, special passbook, ATM card with photograph, and a cheque book will be issued.
SBI Chairperson, Ms. Arundhathi Bhattacharya expressed that this facility will educate the children about the importance of saving and also to learn how to handle money.
The rules & regulations for children between 10 & 18 to open a savings account with RBI were released 3 days ago.
