Open HDFC Minor Account | HDFC Kids Advantage Plan | HDFC Minor Account Transaction Limit | HDFC Minor Account Minimum Balance
Parents and guardians are more likely to teach their children the value of good grades and impeccable manners than they are to teach them the worth and importance of money. The typical trend is for parents to wait until their children are at least 10-12 years old before discussing money. This mindset can backfire in today’s consumerist culture. In this article today, you will learn about HDFC Minor Account (HDFC Kids Advantage Plan)
The HDFC Kids Advantage Savings Account is meant to emphasize the importance of financial fitness from a young age in both personal growth and the development of our economy to remarkable heights. Creating a bank account in the child’s name is an excellent place to start.
Table of Contents
About HDFC Minor Account
HDFC Bank is a bank based in India. A savings bank (SB) account for children is known as a Kid’s Advantage Account. The youngster can have an account in his or her own name but under the supervision of a parent or guardian. The account holder can begin saving as soon as he or she receives Rs. 1,000 each month. The youngster will receive a debit/ATM card, create a corpus for the future, and have access to a variety of services such as net banking, demand drafts, shopping, and more. He has the option of using the sweep-in facility or the Systematic Investment Plan.
HDFC Kids Advantage Plan Highlights
|Monthly Average Balance (MAB)
|3.00% to 3.50%
|Rs. 1 lakh free education insurance cover
Important Features of HDFC Minor Account
The following are the benefits of the HDFC Minor Account:
- You get a free education insurance policy of Rs. 1 lakh I n the event of the death of a guardian or parent. The incident must occur as a result of a vehicle accident on the road, in the air, or on the rail.
- If the balance in the SB account reaches or exceeds Rs. 35,000, the amount over Rs. 25,000 is moved for a 1 year and 1 day in an FD (Fixed Deposit). This is in the name of the child. If you choose sweet-out (Money Maximizer), the facility is available
- Sukanya Samriddhi for the girl kid is included in the account.
- The youngster can begin saving in the ‘My Passion Fund’ with as little as Rs. 1,000. This option allows depositing money into the account whenever it is convenient for you.
- You can set up a monthly transfer from the guardian/parent account to the Kid’s Advantage account with Standing Instruction. For a duration of one year, a deposit of Rs. 1,000 is required.
- With the permission of the parent or guardian, your child (aged 7 to 18) can obtain his or her own ATM Debit Card. The child’s daily ATM withdrawal limit is INR 2500. They can, however, spend up to INR 10,000 every day at any shop.
- When you open an account, you’ll get a free PAP cheque book for your child.
- Use your Net Banking account, Mobile Banking account, and free monthly e-statements to keep track of your account.
HDFC Minor Account Eligibility
The following are the requirements for opening an HDFC Bank Savings Account:
- The account is available for your young child up to the age of eighteen. To do so, the parent or guardian must hold an HDFC Bank savings account.
- This self-operated SB account is open to minors above the age of ten.
- They’ll also get their own ATM/Debit Card.
- The youngster must keep a Rs. 5,000 average monthly balance (AMB).
- Otherwise, service charges for non-balance maintenance will be imposed.
- For AMB less than or equivalent to Rs. 2,500, the fee is Rs. 300.
- For AMB between Rs. 2,500 and Rs. 5,000, the fee is Rs. 150.
- The transaction and service fees will be calculated depending on the previous month’s AMB.
More From HDFC
How To Open HDFC Minor Account
The following is the procedure for establishing an account:
- It’s simple to understand how to open an HDFC Bank Savings Account for a minor, and the process is straightforward:
- You must have a Savings Account in your name at the bank where the child’s Savings Account will be opened.
- You must complete the account opening form with the minor as the primary account holder and you as the joint account holder. Along with this form, you must also send your photos. Some banks also want a photograph of the minor.
- As proof of age, you must produce the child’s birth certificate. The child’s age must not exceed eighteen years. This is also essential to establish your relationship with the minor, in addition to proof of age.
- You must also submit your personal information, including your PAN card number.
- You may be requested to fill out a second form with your details as the parent or guardian in this case.
- Now you need to provide proof of the minor’s address also at the Bank.
- Finally, for future transactions, the bank will want your signature.
- The account will be created once all of this has been completed and verified, and the bank will pass over the necessary documentation. A checkbook will also be supplied to you.
- Finding out about the various types of Savings Accounts that can suit your child is always the first and most essential step in encouraging your child to develop excellent savings habits. And that is certainly a solid start.
HDFC Kids Advantage Account Fees & Charges
|The first PAP cheque book shall be provided for free.
There will be a charge of INR 3 per leaf for the following checkbooks.
|In case of issuance of duplicate statements
|From the nearest branch charges are INR 100
Phone Banking (Non-IVR), charges are INR 75
Net Banking, Mobile Banking, Phone Banking – IVR& ATM, charges are INR 50
In case of Senior Citizen
From the nearest branch – INR 50 per statement is charged
|INR 400 per annum is charged
|To issue Passbook
|This is Free
|For Duplicate Passbook
|INR 100is charged
|Cheque Collection – Local Clearing Zone
|This is Free
|Cheques dropped – outward
|INR 50is charged
|INR 50is charged
|To close the Account
|Up to 2 weeks – 0
From 3rd week to 1 year – INR 500is charged
|INR 100 per caseis charged
|INR 50 per caseis charged
|Stop Payment Fees
|Particular Cheque – INR 50 (Free if paid through Phone banking and Internet Banking)is charged
|To retrieve old records, bills, cheques etc.
|INR 50 for the first year and afterward INR 100 per record is charged
|Local Cheque deposited for outstation accounts
|Phone banking – IVR
|Free. If in case the card is damaged, then HDFC will issue a new card for free. However, in case of loss or theft, a new card will cost you INR 200.
|ATM/ Debit Card Transaction Charge
|HDFC BANK ATMs Other Bank ATMs 5 free transactions in a month (a) In the Top 6 cities, you can enjoy 3 free transactions
(b) In Non-Top 6 cities, get 5 free transactions Money withdrawal – INR 20 exclusive of taxes shall e charged. Non-Financial Transaction – INR 8.5 exclusive of taxes
|Debit Card Transaction Charge – Non-HDFC Bank International ATMs
|INR 15 for balance inquiry.
The Bank will levy a transnational-currency mark-up of 3.5% on international transactions using Debit Cards.
|PIN regeneration fee
|INR 50 exclusive of taxes
|IMPS (Immediate Payment Service) – Outward
|INR 5 is charged for Amount up to INR 1 lakh plus taxes
INR 15 is charged for Amount between 1 – 2 lakhs
|ECS (Debit) Return Fees
|INR 350 is charged if this is occurring for the first time and INR 750 from the second time onwards.
|For every returned deliverable
|INR 50 per caseis charged
|TIN Regeneration requested at bank for dispatching in person
|INR 50 per case is charged
|IPIN Regeneration requested at bank for dispatching in person
|INR 100 per case is charged
|Standing Instruction rejects
|INR 200 per case is charged
Documents Required to Open HDFC Minor Account
The following documents are required to start an HDFC Bank Savings Account:
- Voter ID cards, passports, Aadhaar cards, permanent driving licenses, and PAN cards as a identity and address proof.
- Passport-size photos taken recently.
- Scheduled commercial banks, PSUs.
- NREGA Job Card or an identity card issued by a state or central government body.
The account holder can use the ATM to withdraw Rs. 2,500. He/she has a daily spending limit of Rs. 10,000 at merchant locations.
A Systematic Investment Plan is an option. From a young age, you can put a little sum in the bank’s investment services account or mutual funds on a monthly or weekly basis. The Kids Savings account is linked to these accounts.
What you’ll get is as follows:
Email and SMS alerts provide instant transaction information.
Individual account holders receive a free passbook.
GiftPlus Card and Forex are both offering fantastic deals.
Save a lot of money when you shop at SMART BUY.
https://www.hdfcbank.com/ is the Official Website of HDFC Bank