Minor saving accounts are also called future star saving accounts. These types of savings accounts work to make your children’s future bright. The minor saving account teaches your children to save their money for future emergencies. This savings account leads to a strong foundation for your children. There are many benefits of the minor savings account because it also provides insurance cover and a platinum debit card on opening this account. If your kid is more than 10 years old, they also choose the printed card image as per their choice.
What is the feature of the minor account opening online
If you want to open minor savings account for your children, you must consider the following benefits to your satisfaction that you are choosing the right platform for your children.
- You get the chance to earn 3 to 4% interest daily or quarterly.
- Your children easily understand the importance of money at an early age, and it will only be done with the help of a minor savings account.
- Your children can easily take a step towards saving at an early age after opening a minor account.
- The minor saving account starts with the low opening deposits. These features make it a reliable option for people to open a minor account for their children.
- You get access to a free chequebook on opening a minor savings account.
- You easily access the ATM, net banking, and other banking services from your mobile phone.
- You can easily supervise the minor savings account of your children.
- Minor saving accounts are beneficial to keep yourself, your family, and your assets safe.
What are the eligibility and required documents for the minor savings account?
Your child is only eligible for the minor saving account if they are below 18 years. Only an age qualification is considered to become eligible for the minor savings account. Now let us tell you about the necessary documents for opening a minor savings account. You will have to submit the following documents while opening the minor savings account. You supervise your children’s accounts if your children are below the age of 18 years.
It would help if you had the latest passport-size photographs of your children, date of birth proof, address, and identity proof documents before applying for the Minor savings account.
This article tells you the meaning of savings accounts and their features for minor account opening. We also tell you the eligibility criteria for a minor savings account. As we know, in today’s world, a separate bank account is necessary for everyone, even if they are a child or an adults. So this article brings the information on the minor saving account for children that are supervised by their parents. This article helps you if you want to open minor savings account for your children. Hope the given article is informative for you.