HDFC Bank is the largest private sector lender by assets in the country. It provides several products and services that cater to different customer segments. Here, I will tell you all about HDFC Kids Advantage Account | HDFC Bank Kids Saving Account.
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What is a Kids Saving Account?
A Kids Savings Account is a type of account that can be operated by a child. The child can be of any age below 18 years. Some banks allow children (below the age of 10 years) to operate the account with their parents. The children between the ages of 10 years to 18 years can operate the account by themselves.
HDFC Kids Advantage Account
The HDFC Kids Advantage Account, as the name suggests is specially designed for kids. This saving account can help you to save for your child’s future while teaching them to manage money.
To open HDFC Bank Kids Saving Account your child should be under the age of 18 yours. There is an option to give the child an ATM/Debit card.
It helps you build a corpus of your child’s future while allowing them limited access to funds.
Features of Kids Advantage Account by HDFC Bank
1. Free Education Insurance cover of Rs.1,00,000 if the parent or guardian dies in a road, rail or air accident.
2. You earn higher interest on surplus funds with automatic sweep-out to a Fixed Deposit. In case of a shortage of funds, your FD will be automatically dissolved to meet the shortage.
3. There is an option to give the child an ATM/Debit card. Using this card, the child can withdraw Rs. 2,500 at ATMs and spend Rs. 10,000 at stores per day.
4. You can save for specific goals by linking a Dream Deposit to your account.
5. Set up regular transfers to your kid’s account using Standing Instructions.
6. Invest in mutual funds through SIP on a weekly or monthly basis.
7. You can transact via NetBanking, PhoneBanking, and MobileBanking.
8. Transfer funds online with Free NEFT / RTGS online.
9. Avail free BillPay facility with exciting offers on BillPay through PayZapp, Chillr, Debit Card, and Standing Instructions.
10. Free passbook issuance, monthly electronic statements, instant transaction alerts via SMS and email.
11. The child can avail of a free 25 leaves chequebook per financial year. However, Rs. 75 will be charged for an additional chequebook.
12. You can compare and shop on SMARTBUY (https://offers.smartbuy.hdfcbank.com/).
Eligibility for HDFC Bank Kids Saving Account
To open this account your child must be a minor (under the age of 18 years). And, you as a parent or guardian must hold an HDFC Bank account.
How to open the HDFC Kids Advantage Savings Account?
This process to open this account is fairly simple. You need to fill the account opening form and submit it along with the KYC details. Here, you require, the age proof of the child along with your identity and address proof and passport size photograph.
You have to keep the minimum balance (Average Monthly Balance) of Rs.5000 in Kid’s Advantage savings account. In the event of non-maintenance of AMB, there are certain charges applicable. If the AMB is between Rs.2500 to Rs.5000, you have to pay Rs.150. If the AMB is less than Rs.2500, then the charges are Rs.300.
Also Read: How to invest in Direct Mutual Funds in India?
Also Read: Best Tax Saving FD Rates
Final Thoughts
It is very important to teach your children about money management. Therefore, introduce your child to savings by opening the HDFC Bank Kids Saving Account today itself. The HDFC Kids Advantage Account is specially designed for kids under the age of 18 years.
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Related post: How to apply for a HDFC chequebook online?