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ESG
Money management is a tricky art. It takes years to master it, with the possibility of several trials and errors along the way. There’s no perfect time to learn money management but the sooner you do it, the better it is for your future. Thus, teaching the importance of money management from childhood is crucial. To ensure their child grows up to be financially aware and responsible, parents should start with opening a minor savings account. This will help them grow up money-smart, as well as have savings to fall back on.
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 start a savings account for your little ones and lay the foundation for their future security.
- Evaluate the minor savings accounts offered by different banks. Base your evaluation on interest rates, amenities, and accessibility.
- Prepare to apply. Fill out the application for a savings account with a minor as the primary account holder. The legal guardian will be required to act as a joint proprietor, at least till the child reaches 18 years of age.
- 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.
What are the documents required to open a savings account for a minor?
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. However, one of its key benefits is that it allows you to save for your kids’ future. Here is how starting a dedicated savings account 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
Teaching your child to save isn’t just about money! It is about planting seeds of financial wisdom that grow with them.
Benefits of the IDFC FIRST Bank minor account
- Get monthly interest credits at competitive rates with IDFC FIRST Bank’s Minor Savings Account.
- Zero-fee banking means no charges are levied on NEFT/RTGS/IMPS, cheque books, or ATM usage.
- No minimum balance is required to be maintained in the IDFC FIRST Bank’s Minor Savings Account.
A savings account for minors 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 turns 18, easing the financial burden off them.
Conclusion
Opening a minor savings account is a powerful step towards financial literacy and discipline. Whether it's saving for school supplies or future education, starting early gives your child a head start. With IDFC FIRST Bank, you’re not just saving. You’re empowering your child with the tools to build a secure financial future.
Open a minor savings account today with IDFC FIRST Bank—enjoy high interest, zero fees, and benefits that grow alongside your child.
Call 1800 10 888 or visit the website to get started!
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.