Children’s savings account help them to prepare for a bright future. It is important to teach them savings habit and money management in the early years. The best savings account for kids are those where the child is able to open his account, transfer money, spend and estimate his budgets and every other facility even by sitting at home, online. Children’s savings account is the most appropriate method for accumulating savings for the kid’s future. Even parents are relieved of the expenditure of their child in the future. But it is not very easy to choose the best savings account for kids.
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- ICICI bank offers Young Stars Savings Account for kids, but both the parents and the kids need to have accounts with the bank.
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- HDFC Kids Savings Account has a minimum balance of Rs. 5000 that needs to be maintained, and provide an additional benefit of an insurance cover of RS. 100000 on the death of the parent or guardian.
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- A Wells Fargo savings Account is again useful for the kids.
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- The Union Bank has youth banking accounts for varying age groups: Accounts Kidz Savings account for the age group of 8 to 12 years and Teen Savings Account for the age group of 13 to 17 years.
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- Bank of America also offers specific child savings account.
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- SBI bank offers ‘Pehla Kadam Pehli Udaan’ scheme where kids become the primary account holder and the Parent becomes the secondary. No minimum balance criteria for such accounts and chequebook facility is given to the child.
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- Kotak Bank has My Junior Account
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- IDBI bank has Power Kids Account requires a minimum balance of Rs. 500 to be maintained with the bank and to over drawings a maximum withdrawal limit of Rs 200 per month is fixed.
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- Citi Bank has Junior account is for kids above the age of 15 years and below 18 years.
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- Karur Vyasya Bank Jumbo Kids Savings Account is for children up to the age of 12 years.
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- Indus Young Saver Savings Account is for children above the age of 12 years.
Even teen checking accounts with a debit card show the kids the right direction in banking. But the parents need to accompany their children till they turn 18 years, and have a check on how it is utilized. Kids Savings Account helps the child to understand how to save money and handle risks. Also, they can earn interest to help them in their future needs.
The banks even have some child investment plans to help one decide the avenues where one can properly channelize money for the benefit of a child. Some of these plans are:
- SBI Life Smart Scholar
- LIC Child Career Plan
- LIC New Children’s Money Back Plan
- HDFC SL Youngstar Super Premium.
- ICICI PruSmartKid’s Regular Premium
- SBI Life Smart Champ Insurance Plan
The Max Life Insurance plans have the benefits of insurance as well as investment, to take care of the child in unforeseen contingencies. It is a safe and secure way to invest and gather money for the child’s education, marriage or any other futuristic needs.