10 Kids Savings Accounts in India to Choose From

Parents can give an arm and a leg for their children's security and future. So, saving money for their future tends to be high on their list of priorities - no surprises there! Opening kids savings accounts in India can be one of the best gifts parents can give their precious little ones. Moreover, it will also help instill financial awareness in them early in life.

Here are 10 kids savings accounts in India that can help you save money for your child while helping with his or her first baby steps in finance.

1: IDBI Bank- Power Kids Account IDBI Bank Power Kids account comes with a minimum account balance of Rs. 500. What's more, it offers an exclusively designed Kids ATM Card and withdrawal limits up to Rs. 2,000 at ATM / POS (Point Of Sale). https://www.idbi.com/power-kids-saving-account.asp

2: SBI Pehla Kadam SBI Pehla Kadam is a joint account option with parents offering all banking facilities with no Minimum Average Balance (MAB) criteria. Further, the card comes with a maximum balance facility of Rs. 10 Lakhs. https://www.sbi.co.in/portal/web/personal-banking/savings-bank-accounts-for-minors

3: SBI Pehli Udaan Another popular option among the top kids savings accounts in India, SBi Pehli Udaan is a singly operated account with no MAB requirement, available for minors from 10 years of age. Besides, it can be singly operated and cheque books are also available. https://www.sbi.co.in/portal/web/personal-banking/savings-bank-accounts-for-minors

4: HDFC Bank - Kids Savings account HDFC offers Kids advantage account offers free education insurance cover of Rs 1 lakh, free cash withdrawals with a personalized debit card. The account offers the option to automatically be transfer funds over Rs. 25,000 to a Fixed Deposit for 1 year and 1 day. The account comes with a minimum Average Monthly Balance requirement of Rs. 5,000. https://www.hdfcbank.com/personal/products/accounts-and-deposits/savings-accounts/kids-advantage-account

5: Kotak Bank – My Junior Account Kotak Bank My Junior Account offers 6% interest rate with a children-centric reward program. The account comes with an Average Monthly Balance (AMB) stipulation of Rs. 5,000. Unsurprisingly, this account features among the top kids savings accounts in India. https://www.kotak.com/en/personal-banking/accounts/savings-account/my-junior-kids-savings-account.html

6: Indus Young Saver Savings Account The account is available for children over 12 years with a free debit card facility and a MAB of Rs. 5000. Interestingly, the bank gives a personal touch to its debit card by customizing it with a fun image. https://www.indusind.com/personal-banking/products/accounts/individual-savings-account/indus-young-saver.html

7: ICICI Bank – Young Stars Account Available for kids from 1 day to 18 years but pre-mandates parents to have a bank account with ICICI bank. What's more, the Young Stars debit card come with a limit of Rs. 2,500 / Rs. 5,000 for shopping and cash withdrawal each day with a minimum monthly average balance of Rs. 2500. https://www.icicibank.com/Personal-Banking/account-deposit/young-stars/index.page

8: Karur Vysya Bank Jumbo Kids Savings Account Savings bank account is available for children up to the age of 12 years and no minimum balance requirements.  The account offers a free Visa backed ATM card and an attractive jumbo doll for the kids. As a result, it is one of the few kids savings accounts in India that's well liked even in conservative communities. https://www.kvb.co.in/personal/jumbo_kids_savings_account.html

9: CitiBank Junior Account CitiBank Junior Account comes with a free international debit card and available for children between 15 to 18 years of age. Thus, the card is an ideal companion for children studying overseas for it allows them access to funds even in an emergency situation. https://www.online.citibank.co.in/products-services/banking/bank-account/junior-account.htm

10: HSBC Premier Junior Account For existing HSBC premium customers, HSBC offers a premier savings accounts for minors. The account comes with its premier supplementary credit cards for children over the age of 16 years. Additionally, the card comes with no extra charges and offers text alerts to parents/guardians for every banking transaction done by the child. https://www.hsbc.co.in/premier/features/family-services/

Kids Savings bank account at a glance

Bank	Account Name	Eligibility	Features
IDBI Bank	Power Kids Account	Children up to 18 years of age	·         MAB of Rs. 500 ·         No charges for non maintenance of AQB ·         Exclusive designed Kids ATM Card ·         Withdrawal limits up to Rs. 2,000 at ATM / POS
State Bank of India	Pehla Kadam	Minor of any age. This account will be jointly opened with the parent/guardian.	·         Internet banking ·         Photo ATM-cum-Debit Card ·         Cheque book ·         Over Draft for Parents/Guardians
State Bank of India	Pehli Udaan	Minors above the age of 10 years and who can sign uniformly. This account will be opened in the sole name of the minor.	·         Internet banking ·         Photo ATM-cum-Debit Card ·         Cheque book ·         Over Draft for Parents/Guardians
HDFC Bank	Kids Advantage Account	Children up to 18 years	·         ATM/International Debit Card issued to children between 7-18 years of age ·         ATM withdrawal limit: Rs. 2,500 ·         Free Education Insurance cover of Rs. 1,00,000
Kotak Mahindra Bank	My Junior Account	Children up to 18 years	·         6% interest or annum ·         Personalized junior debit card ·         Zero balance account ·         Discounts and privileges across kids brands
IndusInd Bank	Indus Young Saver Savings Account	·         "Under Guardian" account, where the parent shall be operating the account ·         By the minor himself/herself, if the minor's age is 12 years or more	·         Monthly balance requirement: 5000 ·         Personalized debit card
ICICI Bank	Young Stars Savings Account	Children between 1 day to 18 years	·         Free Personalised debit card with spend and withdrawal limit of Rs. 5000 ·         Personalised cheque book – cheques can be issued by the child ·         Free Internet Banking access ·         Free Mobile Banking Access
Karur Vyasya Bank	Jumbo Kids Savings Account	Children upto the age of 12 years.	·         Free cash remittance of Rs. 50000/- per day ·         No MAB ·         Free Doll on account opening
CitiBank	Citibank Junior Account	Children below 18 years	·         Citibank Junior Debit Card for children above 15 years of age ·         Withdraw cash at all Citibank ATMs for free. ·         24x7 customer service with CitiPhone Banking.
HSBC	HSBC Premier Junior Account	NA	·         SBC Premier Platinum Debit Card for children above 16 ·         Text alerts for every transaction