Indian Bank Smart Kid Savings Bank Account
What is Indian Bank Smart Kid Savings Bank Account?
Indian Bank Smart Kid Savings Account is a savings account designed for children, making it easy for parents to save for their child's future.
Overview - IB Smart Kid Savings Bank Account:
Saving is a habit that can be beneficial at any age. However, the earlier it is cultivated the better it is. For its young generation of customers, Indian Bank has introduced the Smart Kid Savings Bank Account which will allow children between the age of 1 day and up to 18 years, to have a savings account.
This Indian Bank savings account for children comes with a host of salient features like internet banking for easy account access, cheque book facility (optional), an ATM / Indian Bank debit card for anytime access to cash, the facility to transfer funds online by parents or guardian of the child, among other features.
Bank | Indian Bank |
Category | Smart Kid Savings Bank Account |
Minimum Balance Requirement | The minimum monthly balance which must be maintained in the account is fixed at Rs 100 (for non-cheque operated savings accounts) ; Rs 250 (for cheque operated savings bank accounts) |
ATM / Debit Card | The facility of an ATM Debit card is available with this account. However, minor account holders above the age of 10 years are eligible to receive this ATM Debit card on the condition that consent for availing this facility must be given by the parents / guardian of the minor, along with maintaining the prescribed minimum balance in the account. |
Features of Indian Bank Smart Kid Savings Bank Account:
Internet Banking facility | The facility of internet banking is available with this account. However, the same will only be provided after consent has been given by the parents / guardian of the minor, allowing them to make use of the facility. |
Remittance by DD / PO | Account holders can avail the facility of Demand Draft or PO for the purpose of making payments of school or college fees. |
Transfer of Funds | Fund transfer facility is available with this account. However, only parents or guardians of can transfer funds to the child's account. |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Indian Bank Smart Kid Savings Bank Account
- Who can open an Indian Bank Smart Kid Savings Account?
This account can be opened for children from the age of 1 day up to 18 years by their parents or legal guardians.
- What is the minimum balance required to maintain this account?
The minimum monthly balance is ₹100 for non-cheque operated accounts and ₹250 for cheque-operated accounts.
- Can children get a debit card with this account?
Yes, children above 10 years can get an ATM/Debit Card, provided the parent or guardian gives consent and the required minimum balance is maintained.
- Is internet banking available with the Smart Kid Account?
Yes, internet banking is available, but only after the parent or guardian provides written consent.
- Can I use this account to pay school or college fees?
Yes, the account offers the facility to make payments via Demand Draft (DD) or Pay Order (PO) for school or college fees.
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