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.
You can open your kids bank account with the following documents:
1) Identity Proof - Driving License, Passport, Voter's ID, Aadhaar Card
2) Address Proof - Passport, Driving License, Voter's ID, Aadhaar Card, Utility Bill, Bank Statement, Bank Account Passbook (Updated and no more than 3 months old)
3) Signature Proof - PAN Card, Driving License, Passport
4) Minor Proof - Birth certificate or Aadhaar Card
5) Please carry the original documents for verification and self-attested copies for submission.
6) Pan card / Form 60 will still be a mandatory document for opening savings Account.
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 only (Nova Junior account), as long as the Recurring Deposit or Systematic Investment Plan (SIP) is active, else Average Monthly Balance (AMB) of Rs. 5,000/- is to be maintained and standard charges will be debited on 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