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What is the Best Age to Start a Savings Account?
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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The best age to start a savings account is the minute you start dealing with money in any form. This means that if you have children to whom you are giving some sort of pocket money every month, it is the right time to open a bank account for them. There are several options for bank accounts for minors, often known as children’s bank accounts, junior bank accounts, and minor savings accounts. Essentially, such savings accounts are designed with features keeping in mind that minors are going to be using them.
When you open a savings account for your children, you are making sure that they receive the necessary financial education. By making deposits and withdrawals, setting financial goals, understanding how interest works, learning the process of compounding, and more, your children will learn the basics of personal finance and money management early on. This will help inculcate a sense of financial discipline and responsibility that will help them later in life.
At what age can you open a junior bank account for your children?
It does not matter if your child is seven years old or seventeen, if you want them to understand how money works and inculcate the habit of savings and good money behaviour, then consider opening a savings account for them without delay. As long as your child is a minor, i.e., below the age of 18, you can open a Kotak Junior Savings Account for them.
If your child is under the age of 10, then you will need to open the account jointly with them as their guardian. However, if your child is 10 or above, then they can operate the account themselves without the need for a parent or guardian’s supervision.
What are the features and benefits of a children’s savings account?
When you open a Kotak Junior Savings Account for your children, it comes with the following features and benefits:
Final words
A bank account for minors provides several benefits for both the child and the parent. Most importantly, it helps build a strong financial management foundation for your children early on, which will prove to be advantageous throughout their lives. So, no matter the age of your minor child, open a savings account for them today!
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