Best Savings Accounts for Minors


  • What is a Minor Savings Account and what are the top banks that offer it?
  • Know about the features of Savings Accounts for Minors provided by leading banks in India.

Having a Savings Bank Account is one of the primary things that people choose to save their hard-earned money. That’s why over 80% of our population has a Savings Bank Account. A lot of Parents like to save for themselves and also for their children with these accounts. But what if an individual wants to make his or her child learn the importance of money management skills in the early years? Well, for such purposes, you can open a Savings Account for Minors who are below 18 years of age. Several banks offer Savings Account, especially for Minors.

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Your child can earn the interest on money in his or her account alongside keeping the money safe. A Savings Account for Minors will ensure that you don’t have to wait until your child reaches the age of maturity (18 years of age) to open a savings account. This account is specifically made for minors and also offers a wide range of benefits like Debit Card, Cheque Book. A child can understand the basic functioning of a savings bank account at an early age which will benefit in the future. In this article, we will cover some of the best Savings Account for Minors available now so that you can choose the suitable one for yourself. Keep reading to know more!

How Does a Minor Savings Account Work?

Before knowing about the top savings account for Minors in India, it is important to have a brief knowledge of them. Banks usually offer two kinds of Minor Savings Accounts – One for children below 10 years of age and Another for children between 10 to 18 years of age. The account for below 10 years of age can only be operated jointly with a parent or guardian whereas the latter can be operated individually by the child itself.

However, there is one thing that you need to remember that a minor savings account becomes operative as soon as the child becomes an adult i.e. 18 years old. After completing the simple paperwork, the account will be converted into a regular savings account and parents can no longer operate the account. Several top banks offer exclusive Savings Account for Minors, such as State Bank of India (SBI), HDFC Bank, ICICI Bank, Kotak Bank, Union Bank of India, IDFC First Bank, etc.

Best Savings Account for Minors

We are showing the features of some of the top Savings Account for Minors. Check it out to know more!

SBI Savings Account for Minors

State Bank of India (SBI) is the leading public sector bank of India that offers a wide range of financial products to customers. When we talk about Savings Account for Minor, SBI offers two different banking products named ‘Pehla Kadam’ and ‘Pehli Udaan’ that help children understand the importance of money management. While ‘Pehla Kadam’ Savings Account is solely designed for minors of any age, ‘Pehli Udaan’ is for those who are between 10 to 18 years of age and can sign uniformly. We are showing some of the important features of both of these Savings Account for Minors below. Have a look.

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FeaturesSBI ‘Pehla Kadam’SBI ‘Pehli Udaan’
Minimum Average BalanceNot RequiredNot Required
Maximum BalanceINR 10 lakhINR 10 lakh
Mode of OperationJointly or Singly with Parent/GuardianSingly Operated
Cheque BookAvailable and Issued to the Guardian in the name of minorAvailable and Issued only if the Minor can sign uniformly
ATM-cum Debit CardAvailable with a withdrawal limit of INR 5,000Available with a withdrawal limit of INR 5,000
Mobile BankingAvailable with Per day transaction limit of INR 2,000Available with Per day transaction limit of INR 2,000
Auto-Sweep FacilityMinimum Threshold limit of INR 20,000Minimum Threshold limit of INR 20,000
Overdraft FacilityAvailable (against FD for parent/guardian)Not Available
Internet BankingAvailable with Per day transaction limit of INR 5,000Available with Per day transaction limit of INR 5,000

HDFC Bank Kids Advantage Account

When we list down the top private banks of India, the name of HDFC Bank will certainly find a mention. HDFC Bank also offers Savings Account for Minors via its HDFC Bank Kids Advantage Account. This account can help your children develop a habit of money management. The most amazing thing is it can be started with as little as INR 1,000 a month. There are several benefits like ATM-cum Debit Card, Insurance facility, etc. Your child will have limited access to funds until the age of 18. The parent/guardian must have an HDFC Savings Bank Account to open the HDFC Kids Advantage Account. We are showing some of the important features of the HDFC Bank Kids Advantage Account below. Check them out.

Minimum Opening BalanceINR 1,000
Minimum Average BalanceINR 5,000
Standing Instruction FacilityMandatory (For Minimum value of INR 1,000 for a minimum tenure of 1 year)
Money Maximizer FacilityFree Facility (With this facility, if the balance in a Kids Advantage Account reaches INR 35,000 or more, the amount above INR 25,000 will be transferred to FD of 1 year and 1 day in the child’s name.)
ATM Debit CardAvailable free of cost with a daily withdrawal limit of INR 2,500 at ATMs and INR 10,000 at merchant establishments
Cheque Book FacilityAvailable with Free 25 cheque leaves per financial year
Passbook FacilityAvailable for Free of Cost
Free Education Insurance CoverAmount of INR 1,00,000 in the event of Death of the Parent/Guardian

ICICI Bank Young Stars Account: Savings Account for Minors

ICICI Bank, which is one of the leading private banks of India, also offers Savings Account for Minor that helps children learn important money-saving skills at an early age. With its ICICI Bank Young Stars Account, you can open and operate a minor savings account to plan your child’s financial future. With this Savings Account for Minors, you can avail of several exciting features.

One of these features is the Money Multiplier Facility through which you can earn higher interest on your amount. Just set a fixed limit above which the money in the Young Stars Account will get transferred into Fixed Deposit. Some of the other features of this ICICI Savings Account for Minors are listed below. Please have a look!

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Minimum Average BalanceINR 2,500
Daily Withdrawal LimitUpto INR 2,500
Maximum Debit Transaction LimitINR 2 lakh in a Financial year with Guardian Consent
INR 50,000 in a Financial year without Guardian Consent
Debit Card Daily Withdrawal LimitINR 2,500 and INR 5,000 for Shopping and Cash Withdrawals
EligibilityChildren in the age group of 1 day to 18 years (Parent/guardian will open and operate on behalf of the minor)
Additional FeaturesFree Passbook facility
Free Cheque Book facility
Free International Debit Card
Free Monthly Email statement

Bank of Baroda Kids Bank Account

Bank of Baroda has emerged as a stronger public bank than it already was. Among its wide range of banking products, Bank of Baroda provides savings account for Minors to children below 18 years of age. If you are a parent and want to give a wonderful money-saving habit to your kid, a Bank of Baroda Champ account could be a perfect option for you. With this account, you will not need to pay any charges on the School Fee payment with Demand Draft (DD) or NEFT or IMPS for a maximum amount of INR 1 lakh per month.

We are showing some other features of the Bank of Baroda Champ Account below. Please check it out.

Minimum Balance RequirementNot Required
Maximum Credit BalanceINR 1 lakh
Debit CardTheme based RuPay Baroda Champ Debit Card to children above 10 years of age
Eligibility Age0 to 18 years
Auto/Reverse Sweep FacilityAuto transfer of any amount exceeding INR 10,000 to short Deposit with a minimum of INR 5,000 for 180 days
Additional FeaturesInternet & Mobile Banking facility to children above 10 years of age
Free passbook facility
Free cheque book with upto 45 leaves in a year

Axis Bank Future Stars Savings Account

One of the best private banks of India, Axis Bank also provides an exclusive banking product to your children with its Future Stars Savings Account. With this Savings Account for Minors from Axis bank, you can give your children a strong financial head start. Your child will also understand the importance of handling money responsibly. Some special features make this Savings account one of the best in the market. For instance, one of them is if your child is above 10 years of age, he or she can get a Debit Card with his/her favorite image on the card on having an Axis Bank Future Savings account.

In the below table, you can see some of the important details related to the Axis Bank Future Stars Savings Account.

Minimum Opening BalanceINR 2,500 (in metro cities)
Average Monthly Balance (AMB)INR 2,500 (in metro cities)
(No AMB is required if you have a Fixed Deposit of INR 25,000 for 6 months or Recurring Deposit of INR 2,000 for a year)
Debit Card FacilityAxis Bank VISA Platinum Card with an issuance fee of INR 200 and an annual fee of INR 150 in metro and urban locations
Additional BenefitsPersonal Accidental Insurance Cover upto INR 2 lakh (if the card is swiped once every 6 months)
Free Cheque Book facility
Free SMS Alerts
Free Internet Banking Facility
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PNB Junior Savings Fund Account

There is little doubt about the excellence of the banking products offered by the Punjab National Bank (PNB). One such amazing product is the PNB Junior Savings Fund Account. This can be opened by any minor of any age. If the minor is below 10 years of age, it is important to have a parent/guardian to operate the account. Children between 10 to 18 years of age can open and operate their savings bank account independently.

If you want to know some of the exciting features of the PNB Junior Savings Fund Account, you can check the below table.

Minimum Opening BalanceZero
Average Quarterly Balance (AQB)Zero
NEFT ChargesFree upto INR 10,000 per day
ATM/Debit Card FacilityAvailable (Withdrawal limit of INR 50,000 per day)
Internet Banking FacilityAvailable (only-view facility)
Mobile Banking FacilityAvailable (only-view facility)
Additional FacilityFree Cheque Book facility with 50 cheque leaves per year
Free Issuance of Demand Drafts for School and College Fees
No charges for not maintaining AQB in the Savings Account
Overdraft FacilityNot Allowed
Nomination FacilityAvailable

Kotak Mahindra My Junior Account

Kotak Mahindra Bank is famous for its extraordinary banking services and when we are talking about the Savings Account of Minors, we cannot exclude its My Junior Account. This account will help in cultivating a saving habit in your children at an early age. And not only this, this savings account for minors is an excellent way to get several privileges across Dining, Entertainment and Shopping on the famous Kids brands like Firstcry, TINKLE, Freshmenu, etc.

You can also get upto 4% Interest rate on the Junior Savings Account Balance and the Guardian/Parents’ saving account balance. You can easily open a My Junior Account by visiting the official website of Kotak Mahindra Bank or the nearby branch. The below table has some of the important details related to the Kotak Mahindra My Junior Account. Please have a look!

Minimum Opening BalanceCustomized
Average Zero BalanceZero
Debit Card FacilityAvailable with personalization
Exclusive PrivilegesFacilities like Junior Foodie, Junior Day Out, Junior Shopper, Junior Learner, Junior Angel
Nomination FacilityAvailable
EligibilityAge must be below 18 years and the child must be a resident Indian.
Required DocumentsIdentity Proof, Address Proof, Signature Proof, Minor Proof (Birth Certificate or Aadhaar Card), Latest Passport-size photos

So, these are some of the Top Savings Account for Minors offered by leading private and public banks. You can choose the most suitable one for you as you have a better understanding of them.

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