2 banks offer super concessions for childrens savings accounts!
Posted on: 20/Oct/2022 11:47:26 AM
All children`s Bank Savings Accounts are zero-balance categories as they are for children!
In our present-day lifestyle, it is indeed very essential to teach children about the value of money, the importance of how to handle money and how, why, and when to buy things!
In earlier times, children used to get only less than half of what they demanded! However, the present era is quite different!! – Doting parents are awaiting all the time to receive their children`s orders! As such it is even more relevant and essential to teach the children the value of money and how to handle it!
However, advising children about the value of money and handling it properly might cause a direct understanding and effect!
As such, as a part of this effort, most of the leading banks in the country offer the opening of savings accounts for children!
Let us compare such offers from 2 of the country`s premier banks – State Bank of India (SBI) `Pehla Kadam` (First Step) and Canara Bank`s Champ Deposit!
`Pehla Kadam` of the State Bank of India
State Bank of India (SBI), on its official website, has mentioned in detail the importance of its Children`s Savings Accounts `Pehla Kadam` & `Pehla Udam` and how it helps!
This scheme will also allow the children to check and understand the `Buying Power` of money!
Features:
- For SBI`s Pehla Kadam and Pehla Udam Children`s Savings Accounts, an Average Monthly Balance (MAB) is not required! It comes with a maximum balance of up to Rs. 10 Lakhs (Maximum Balance Ceiling)! For the children opening these accounts, SBI gives the account holder chequebooks and Photo ATM cards.
- The upper limit for withdrawal of money in this ATM card on PoS is Rs. 5000/- and a maximum of Rs. 2000/- for a day`s transactions!
- Pehla Kadam is a joint account for children of any age along with parents! Note that this savings account is for children in the age group 10-17!
Canara Bank`s Champ Deposit Scheme
- This scheme is for children below the age of 12! As this is the savings account meant for children, it is a `zero Balance` account!
- As such, there is no penalty for failing to keep any minimum balance in the account!
- Canara Bank does not issue chequebooks under this scheme.
- Further, `Joint Accounts` cannot be opened in this account!
- Once the account holder reaches the age of 18, this account will be transferred as a regular savings account!
- No tax on interest will be applicable for this Champ Deposit scheme!
- i>As an initiative to keep the children interested and maintain this savings account, Canara Bank offers Savings Box!
- Under this scheme, cheques or Demand Drafts (DDs) up to Rs. 25000/- the free collection will be offered to the Account Holding children as prizes!
