It is very important to teach your children the importance of money management. And opening a savings account for them is one of the best ways to teach them money management. Therefore, open a savings account for them today. Here are the Top 7 Best Savings Account for Children in India.
In the complex financial world, children need to be taught money management in the early years. You can do so by introducing them to the children’s savings account. Moreover, having a kid’s savings account is better than a piggy bank, as the money earns interest.
Best Bank for Children’s Savings Accounts in India
Various banks offer the best savings account for kids with various options. From this blog post, you can pick the best bank for children’s savings accounts in India as per your need.
Best Savings Account for Children in India
Below are some of the best savings account for kids offered by banks in India. Note that the below mentioned Best Bank for Children’s Savings Accounts in India is in no particular order.
1. Kids Advantage Account by HDFC Bank
The HDFC Bank offers Kids Advantage Account for the children. This is one of the best savings account for kids in India. This account helps you to save for your child’s future while teaching them to manage money.
Features of HDFC Kids Advantage Account
1. This can be opened if your child is a minor up to 18 years of age and you have a Savings Account with HDFC Bank.
2. There is an option to give the child an ATM/Debit card.
3. Free Education Insurance cover of Rs.1 lakh.
4. Higher interest on surplus funds with automatic sweep-out to a Fixed Deposit.
5. You can set up regular transfers to your kid’s account using Standing Instructions.
1. This can be opened for the child as long as your child is a minor (up to 18 years of age).
2. You should have a Savings Account with HDFC Bank.
3. Minors above the age of 10 years are eligible to open a self-operated minor account.