Searching For Saving Money On the Name Of Your Child; Consider SBI Pehla Kadam and Pehli Udaan

Are you blessed with a child and want to save on the name of them for their future? That’s a good thought! It would be prudent to have a savings a/c on the name of the child where the a/c would be modified to regular savings a/c on attaining majority(18 Years) to the child.

First, the thought of saving for their future is a good idea. There are several saving schemes for children which are almost unaware to the public. Do you know, India’s largest public sector bank SBI schemes designed especially for the children. They are-

  • Pehla Kadam(For the child below 10 years)
  • Pehli Udaan(For the child above 10 Years with unique banking features)

Pehla Kadam Features

  • This a/c is exclusively for the child below 10 Years of age
  • There is no need to maintain monthly average balance(MAB)but the maximum amount permissible is 10 Lakhs
  • Personalised cheque book of 10 cheque leaves would be given to parent/guardian where the operating instructions should be looked over by them
  • ATM-Cum-Debit Card with photo affixed of the child would be given where the maximum withdrawal limit is 5000 rupees
  • Transaction viewing rights would be provided under mobile banking with certain limited transaction up to 2,000 rupees per day
  • In case of internet banking, there is a facility to open FD’s and RD’s online and to do NEFT Transactions up to 5,000 rupees per day

Pehli Udaan Features

  • This saving a/c is designed for children above 10 years of age
  • 10 Personalised cheque leaves would be given, if the child can sign uniformly in all banking transactions
  • ATM-Cum-Debit card would be given to child with maximum transaction limit of 5000 rupees per day
  • Under Pehli Udaan, The child is allowed to view their balance and do mobile banking transactions up to 2000 rupees per day
  • The child can transact through internet banking up to maximum limit of 5000 rupees per day including NEFT, Demand Draft issuance, open online FD and RD’s.

Though the two schemes look similiar, parental guidance would be required for Pehla Kadam where the child can do individual transactions(with certain restrictions)under Pehli Udaan scheme.

Saving is a good habit. As a parent we have to cultivate saving habit among the children. By introducing banking terms in the childhood, they would be familiar with banking terminology once they attain majority(18 Years of age).

So Why late! Rush to your nearest SBI Branch and open these Pehla Kadam and Pehli Udaan a/c’s as per your child’s age. It is in our hands to develop savings habit among children, so don’t delay! Visit your nearest SBI Branch today!

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