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Open Minor Savings Account for Kids/Junior
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The Kotak Mahindra Bank Junior Savings Account is best for a child as it is specifically designed to teach your children the benefits of saving, while also providing a host of privileges across dining, edutainment and shopping on kids’ brands.
Yes, you can open a child savings account for your children. Age of the child should be below 18 years(Minor) and he/she should be a resident whereas guardian can be resident or NRI.
| Sr. No. | Name of the Document (valid) | Identity Proof | Address Proof |
|---|---|---|---|
| 1 | Passport | Yes | Yes |
| 2 | Driving Licence | Yes | Yes |
| 3 | Aadhaar (Post e-KYC authentication by Bank) | Yes | Yes |
| 4 | Voter Id | Yes | Yes |
| 5 | Job Card issued by NREGA | Yes | Yes |
| 6 | Letter issued by National Population Register | Yes | Yes |
Yes, a 1 year old child can have a minor savings account. This account needs to be operated jointly by the guardians / parents until the child is 18 years old.
A child can open only one Junior Savings Account
NMC waiver is available on bundled offering applicable only for Kotak Junior proposition as long as the Recurring Deposit or Systematic Investment Plan (SIP) is active, else Average Monthly Balance (AMB) basis account variant need to be maintained to avoid charges of non-maintenance of AMB.
The waiver will not be applicable in case of failure in execution of the SI set towards RD/ SIP, due to insufficient funds in the Junior Account
The Junior Savings Account Debit card limit is Rs.5000 for POS and ATM for juniors who are above 10 years of age
To apply for Kotak Mahindra Junior Savings Account, the child should fulfill below criteria:
Age of the child should be below 18 years(Minor)
Minor should be resident
Guardian can be resident or NRI
Click here to know the eligibility for kids savings account
Personalized Debit card, exclusive offers and discounts on dining, edudainment, and shooping, access to extraordinary workshops and events, RD/SIP based annual maintenance charge waiver and a cheque book are some of the exclusive benefits of Junior Savings Account
The minimum Average Montly Balance requirement of the Junior Savings Account will be applicable as per Savings Account Variant
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