How to Open a Minor Account in Indian Overseas Bank?

Opening a minor account can help the parents in educating their children about the financial aspect of saving and investing.

A minor account can help you in teaching your kids about the financial system early on to engage them in the positive aspects of money management.

For an adult managing money, can is a bumpy road and when we learn about finances we would have lost a lot of money in a variety of speculations and unnecessary spending.

The worst case is when we spend the credit card recklessly. To avoid all of this, you should teach your kids about the right use of money. The best way to do that is by providing them with early exposure to the banking system.

You can open a minor account in various banks however, one of the best Government banks in India is where you can open a minor account in the Indian Overseas Bank.

The account is popularly known as the IOB SB Little Star. In this article, we will discuss How to Open a Minor Account in Indian Overseas Bank, Documents Required, Opening Process, etc.

But first, let’s discuss the features offered by the IOB SB Little Star account.

Features of IOB SB Little Star Account

The following are the features provided by the IOB SB Little Star Account-

• The minimum maintenance balance of the IOB SB Little Star Account is Rs.100/- and the maximum amount that you can deposit in this account is Rs.50,000/-
• The account comes with a sweep-in and sweep-out facility with a cap of Rs.10,000/-. If you deposit more than Rs.10,000/- in this account then the amount more than the capped will be deposited automatically in an FD Account and if the amount is lower than the capped amount then the latest FD will be converted into your main bank balance account  

Eligibility Criteria for Opening Minor Account in Indian Overseas Bank

The eligibility criteria for opening a minor account in Indian Overseas Bank are as follows-

• You can open the account for your kid right from day 1 of their birth till the maturity age i.e. 18 years of age. From day 1 to 10 years of age, the account will be a joint account of the parents and the child, and thereafter, the account will be made for single-use which will be managed by the kid

How to Open a Minor Account in India Overseas Bank?

The following are the step-by-step instructions on how to open a minor account in an Indian Overseas bank-

• Visit the Indian Overseas Bank branch nearest to your home and ask the bank representative for an IOB SN Little Star Account opening form
• Now, fill out the form with correct details like name, address, parents/guardian details, etc., and attach the below-mentioned documents
• After the preparation of the documents is done, you are required to submit this to the bank representative followed by depositing the initial deposit amount
• Now, your request will be processed by the bank representative and the account opening process will begin
• After the successful opening of your bank account, you will be notified about the opening of your account via SMS
• Now, you will also receive the IOB Bank starter’s kit using which you can easily access your bank account
• After receiving the bank starter’s kit, you will have to activate your IOB Mobile Banking, IOB Net Banking, etc.

Documents Required for Opening Minor Account in Indian Overseas Bank

The following are the documents required for opening a minor account in the Indian Overseas bank-

• Duly Filled Application Form for opening the IOB SB Little Star account
• Child’s Birth Certificate
• Parents Identification Ids- Aadhar Card, Pan Card, etc.
• Address Proof- Utility Bills, Aadhar Card, Voter’s ID, etc.
• Initial deposit amount

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