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SBI's Pehla Kadam and Pehli Udaan Savings Account for Children
SBI introduces Pehla Kadam, Pehli Udaan savings accounts for minors, which offers interest rate similar to the savings bank account
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.
Introduce your children to modern-day banking, responsible spending and the power of savings with Pehla Kadam and Pehli Udaan Savings Accounts! Loaded with various features, these accounts prepare your little ones for a sound financial future. Learn more: https://t.co/dzP6hXeUrT pic.twitter.com/qVqq5oPwOk
— State Bank of India (@TheOfficialSBI) November 14, 2019
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.
