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Savings Account

The easiest way to open a Minor Savings Account in India

Key Takeaways

  • A minor Savings Account earns interest like any other Savings Account, and it grows in value every day.
  • It can help introduce your child to the financial system and build their emergency fund from an early age.
  • IDFC FIRST Bank Minor Savings Account offers monthly interest credits, high interest rates and zero-fee banking for growing your child's savings quickly.
09 Nov 2021 by Team FinFIRST
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Open an Account

A minor savings account can help your kids learn about money management at an early age, which increases their probability of success in the future


Money management is a tricky art. It takes years to master it, although people might still make mistakes. While there is no right time to begin learning money management, the sooner you do it, the better it is for your future. Children are, therefore, best placed to learn how to manage their money. Parents can inculcate the right financial habits in their kids, and one of the ways to begin is to open a minor savings bank account.

A minor savings account works the same way as a traditional savings account. Use this article to learn how to open a bank account for a minor and build savings for your kids.

How to open a bank account for a minor?


Follow the steps below to save for your kids and teach them money management:

  • Decide on the type of bank account you would like to open. A savings bank account is the most popular choice.
  • Evaluate the minor savings accounts offered by different banks. Base your evaluation on interest rates, amenities, and accessibility.
  • Prepare to apply. Fill out a minor savings account application form, with the child as the primary holder and the legal guardian as a joint proprietor.
  • Many banks, including IDFC FIRST Bank, have an online account opening process for a minor via Mobile Banking.
  • Deposit money in your child's minor savings account once the account has been opened.

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What are the documents required to open a minor bank account?


The following documents are required while opening a bank account for a minor:

  • The minor’s birth certificate. It is used to establish his/her age and relationship with the guardian. Banks may also ask for certain documentation depending on their process.
  • Parent/guardian's documentation is done basis the Bank's prevalent processes.
  • Parent/guardian's signature.
  • Parent/guardian’s photograph. Some banks might also ask for the minor’s picture.

Opening a minor savings account allows parents to teach their kids how to manage their money. The account also enables parents to invest in their child's future, as they can deposit money regularly for their children over time.

Advantages of savings for your kids


A minor savings account is useful in many ways, but one of its key benefits is that it allows you to save for your kids’ future. Here is how saving for your kids early can help:

  • Eases the financial burden of your child’s education.
  • Encourages children to begin saving from a young age.
  • Children learn about the financial system.
  • Gives peace of mind and safeguards you against emergencies.

A kid’s saving account is one of the best gifts you can give your kid. The account earns interest like any other savings account, and it grows in value every day. The investment reaches a substantial level by the time your kid becomes 18, easing the financial burden off him/her.

Every leading bank in India offers a kid’s savings account. IDFC FIRST Bank is not an exception, allowing parents/guardians to open a savings account for minors online. The paperless process takes a few minutes, requiring a few basic details. You can call IDFC FIRST Bank Customer Service on 1800 10 888 for more details on application process.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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