Banking is an essential element that every individual needs for managing money. From businessmen to students everyone needs a bank account to save their money.
So, as a parent or guardian of a child, it is smart for you to develop a habit of saving and management of the funds in your kids, and therefore, the bank offers a minor account that is specifically designed for kids.
One such bank the offers minor accounts for children below 18 years of age is Indian Bank. Indian Bank offers IB Smart Kid savings bank account using which a kid can save his/her money or parents/guardians can deposit funds on behalf of the kids.
This account can be used for various reasons like child fee payments, pocket money deposits, monitoring child spending, etc.
In this article, we will discuss how to open a minor account in Indian Bank? documents required, account opening process, etc.
Eligibility Criteria for Minor Account in Indian Bank
The following are the eligibility criteria for a minor account in Indian Bank-
- Children below 18 years of age will be eligible to apply for Indian Bank minor account
- Children below 10 years of age will require guardian or parents (mandatory) consent to apply also, they will not be issued the ATM Card
- Children above 10 years of age will be provided with ATM card
Account Opening Process
The following are the step by step instructions on the entire account opening process for opening a Minor Account in Indian Bank-
- Visit your nearest Indian Bank account and ask the bank representative for the IB Smart kid account opening form
- Fill the form with correct details and attach the KYC documents along with initial account mentioned below
- Submit the form and KYC documents to the bank representative, the bank representative will review your application
- After reviewing your application, your account will be opened and a starter’s kit will be provided to you
Documents Required for Minor Account in Indian Bank
The following are the documents required for Minor Account in Indian Bank-
- Proof of Identity of parents or guardian-Aadhaar card, Driving license, Voter ID card, etc.
- Proof of Address of parents or guardian -PAN Card, Utility bills, electricity bills, etc.
- Birth Certificate of the child
- 3 colour photographs of the kid and parents
- Account opening application form/ Online apply
FAQ
When you become mature i.e. more than 18 years of age, you can convert your IB Smart kid account into a normal savings account.
The monthly average maintenance balance requirement is as follows
• For account with chequebook facility-Rs.250/-
• For account without chequebook facility-Rs.100/-
No, this account is not a joint account and you cannot apply for joint account under this scheme.
