SBI provides a variety of savings bank account options for youngsters. This service is provided as part of its personal banking portfolio. PehlaKadam and PehliUdaan are two types of savings accounts available to minors. In this article, we will share details about the SBI Minor Account Opening and related details.
SBI Minor Account Opening
According to SBI’s corporate website, sbi.co.in, a Pehla Kadam account can be registered in the name of someone under the age of 18, and a Pehli Udaan account can be opened in the name of someone beyond the age of ten.SBI’sPehla Kadam and Pehli Udaan account holders are exempt from the bank’s monthly average balance (MAB) requirements, which apply to conventional savings accounts.
Pehla Kadam/ Pehli Udaan Account Eligibility Criteria
- PehlaKadam: This account can be started by a minor of any age, but it must be opened jointly with a parent or guardian.
- PehliUdaan: It can be opened by a minor above the age of ten who can sign in a consistent manner. This account must also be opened in the minor’s sole name.
SBI Minor Account Cheque Book Service
- SBI issues a customized cheque book with 10 cheque leaves in the name of a youngster under the supervision of a guardian.
- PehliUdaan: If the youngster can sign uniformly, SBI would give a customised cheque book with ten cheque leaves.
ATM cum Debit Card under SBI Minor Account
PehlaKadam: In the name of the minor and guardian, an account holder’s picture embossed ATM-cum-debit card with a withdrawal/POS limit of Rs. 5,000 would be issued.
PehliUdaan: The account holder’s photograph embossed ATM-cum-debit card would be issued exclusively in the name of the minor, with a withdrawal/POS limit of Rs. 5,000.
SBI Minor Account Internet Banking/ Mobile Banking
SBI offers an internet banking transaction limit of Rs. 5,000 per day. Bill payments and inter-bank cash transfers (NEFT only) can be done from these accounts, as well as demand drafts.
SBI offers mobile banking for both accounts, with a daily transaction limit of Rs. 2,000. Bill payments and top-ups are both possible with the feature.
Rates of Interest
PehlaKadam and PehliUdaan have the same interest rate as a savings account. The bank offers a 3.50 percent annual interest rate. Furthermore, nominations are possible using SBI’s Pehla Kadam and Pehli Udaan accounts.
SBI Minor Account Documents Required
The minor’s date of birth proof, the parent’s KYC Aadhaar, PAN, or Form 60 are all essential documents. If an applicant’s Aadhaar number has not been assigned, the applicant must provide proof of Aadhaar application enrolment. According to SBI, if a PAN is not provided, one certified copy of an Officially Valid Document (OVD) is required, along with Form 60.
In the name of the juvenile and guardian, a checkbook with ten cheque leaves is issued to the guardian, and a child’s photo embossed SBI ATM-cum-debit card with a withdrawal/POS limit of Rs 5,000 is issued to the guardian. A particularly designed branded passbook, on the other hand, is provided free of charge.
Surprisingly, the maximum daily transaction limit through mobile banking is Rs 2,000, which includes bill payments and top-ups. There is an auto sweep option with a Rs 20,000 minimum threshold.
Sweeps in multiples of Rs 1,000 are permitted, with a minimum of Rs 10,000. Parent/guardian can take out an overdraft against fixed deposits if they meet the other terms and restrictions. There is also the possibility of setting up one free-standing instruction for regular deposit.
The interest rate on a minor’s savings bank account is the same as the interest rate on a savings bank account computed on a daily balance. Accounts can be transferred to any SBI branch without changing the account number.
SBI Minor Account Opening Online
- Select “Personal Banking” from the “Accounts” page under “Savings Account for Minors“
- Find the blinking “Apply Now” option and select it.
- On the screen, a comparison of features between “Digital Savings Account” and “Insta Savings Account” will appear. To continue, close the pop-up window.
- The link on the page should take you to SBIYONO. From the top tab’s options, select “Open a Digital Account”
- On the next page, click “Apply Now“
- To begin the account opening process, fill in the essential information.
- It’s worth noting that the procedure can only be completed by visiting a single SBI branch.
PehlaKadam: The minor’s date of birth as well as the parent’s KYC.
PehliUdaan: The minor’s date of birth as well as the parent’s KYC.
All minors having a joint account with their parent or guardian are eligible for the PehlaKadam Card.
The Monthly Average Balance (MAB) requirement is not applicable for the minor accounts.