Savings Account for Minor SBI: Features, Required docs

      Welcome to Are you looking for a savings bank account for a minor in SBI Bank? Great, here we are going to see details about the Features, Eligibility Criteria, and Required documents for opening the savings bank account for minors in the State Bank of India. So let’s Begin….

Who is Minor? 

According to Law, A minor is a person whose age is under 18.

Eligibility Criteria -

You can open SBI Savings Bank Account for Minor of any age. This account will be jointly opened with the parent/guardian. According to SBI rules Minors above the age of 10 years and who can sign uniformly. This account will be opened in the sole name of the minor.

Important Features of Saving Bank Account -

Here are some important Key Features of the SBI Savings Bank Account for Minor…

No Need to maintain a Monthly Minumum Balance -

This is a Zero balance Savings Bank Account for Minor. For Minor Monthly Average Balance (MAB) requirement not applicable

Maximum Balance -

You can deposit or keep a Maximum Balance of up to ₹ 10 lakh.

Cheque book -

For these types of accounts SBI also provides Cheque Facility with certain conditions.

Photo ATM-cum-Debit Card -

You also get ATM-cum-Debit Card which can be used as a regular ATM card with day limited amount of transactions

Internet Banking Facility -

Internet banking is a very basic nice and important feature we use in this digital era. It gives us instant access to our Savings Bank account. Through Internet Banking we can manage our Account from home. In this type of Account guardian of the minor can have access Bank Account through Internet banking.

Mobile Banking -

SBI also provides Mobile Banking Facility to SBI Savings Account for minors, User/ Guardians may also have access to the Bank Account through mobile banking.

Transaction Limit -

This type of Account is specially designed for Minor that is the main reason that Per-day transaction limit of Rs. 5,000/- only.

Interest Rates -

Interest rates are as applicable to Savings Bank A/c calculated on a daily balance.

Required Documents -

To open SBI Savings Bank Account for Minor the following documents are required.

  • Date of Birth proof of the minor (Birth Certificate)
  • Pan Card
  • Adhaar Card
  • KYC of the Parent.
  • Account Opening Process

Online / Offline - As a guardian, you can open a Savings bank Account for minors either online or offline. If you are eligible and have all the required documents you can visit the nearest SBI Branch and Submit a Savings Bank Account Opening Form and Apply directly.

Post a Comment

Previous Post Next Post