SBI's Pehla Kadam and Pehli Udaan Savings Account for Children

Update: 2019-11-25 10:00 IST

State Bank of India (SBI) has introduced Pehla Kadam, and Pehli Udaan savings account for children. "Pehla Kadam and Pehli Udaan (PKPU), are complete bouquets of banking products, that will not only help children learn the importance of saving money but will also allow them to experiment with the 'buying power' of money," says the SBI official website. One doesn't need to maintain Monthly Average Balance (MAB) for both these accounts. There are certain advantages of Pehla Kadam and Pehli Udaan savings account like photo embossed ATM-cum-debit card, auto sweep facility and internet banking facility.


Features of SBI's Pehla Kadam and Pehli Udaan savings accounts:

1) Eligibility

Pehla Kadam: A minor of any age can open this account, but it need to be opened jointly with the parent or guardian.

Pehli Udaan: This account can be opened in the sole name of the minor above the age of 10 years who is able to sign uniformly.

2) ATM-cum-Debit Card

Pehla Kadam: Child's photo embossed ATM-cum-Debit Card with withdrawal/POS limit of ₹ 5,000 will be allotted in the name of the minor and guardian as it is a joint account.

Pehli Udaan: Photo embossed ATM-cum-Debit with withdrawal/POS limit of ₹ 5,000 will be allotted in the name of the minor only.

3) Chequebook

Pehla Kadam: Personalised chequebook (with 10 cheque leaves) will be given to the guardian in the name of minor under guardian.

Pehli Udaan: Personalised chequebook (with 10 cheque leaves) will be given if the minor can sign uniformly.

4) Transaction limit

Both these accounts offer a transaction limit of ₹ 5,000 per day, with internet banking, and of ₹ 2,000 in case of mobile banking. From these accounts one can inter-bank funds transfer (NEFT only), make bill payments, get demand drafts and open e-term deposits.

5) Interest rate

The interest rate on Pehla Kadam and Pehli Udaan is similar to savings bank account. SBI offers an interest rate of 3.25% for savings deposits balance less than ₹1 lakh. It offers an interest rate of 3% on balance over ₹1 lakh.

Tags:    

Similar News