Opening kids saving account in the child’s name is one of the best ways to teach them money management. They can learn and understand money management skill using this kids saving account. Kids saving account will act as big piggy bank, where the money will be safe and can also earn interest. When account balance reaches at certain level it can be used for making other investments. Today almost every bank offers kids saving the account, with multiple features. Let us have a look some of the best kids saving account options.
5 Best Kids Saving Account
SBI PehlaKadam PehliUdaan
PehlaKadam and PehliUdaan are two different kids saving account offered by SBI bank. Both these saving bank accounts offer multiple features like internet banking, mobile banking etc.
PehlaKadam Account Features
- PehlaKadam is account for minor of any age.
- This account will be jointly opened with the parent/guardian.
- No Minimum balance requirement.
- Special ATM card with embossed child photo will be issued.
- Auto sweep facility available.
PehliUdaan Account Features
- PehliUdaan is account for minor above 10 years age.
- PehliUddan account can be opened on the sole name of minor.
- Mode of operation of this account will single by minor.
- All other features of this account is similar to PehlaKadam.
To get more information about these accounts kindly visit SBI website.
HDFC Kids advantage Account
HDFC offers Kids advantage account for the child. HDFC Kids advantage account offers additional benefits like education insurance cover etc.
HDFC Kids Advantage Account Features
- HDFC Kids Advantage Account is for minor up to 18 years of age.
- This account offers free education insurance cover of 1 Lac.
- You can give standing instruction to transfer any amount from your account to your Kid’s Advantage account every month.
- Automatic sweep facility in case amount reaches/exceeds to 35000 Rs.
You can get more information about Kids Advantage Account at HDFC website.
Kotak My Junior Account
Kotak My Junior Account is one of the best kids saving account. This account offers multiple benefits.
Kotak My Junior Account Features
- Up to 6% interest on My Junior Account.
- Rewards for saving money regularly in this account. These rewards includes book voucher, movie ticket and discount vouchers.
- Exclusive Kotak Junior ID card
- Exclusive privileges and discounts at multiple places.
To get more information about Kotak My Junior Account visit Kotak website.
ICICI Bank Young Star Account
Young Star Account is Kids saving account of ICICI bank. In order to open this account you must be existing account holder of ICICI bank.
ICICI Bank Young Star Account Features
- Free Young Stars Debit Card
- Standing Instructions Facility to debit money from parents account to the young star account.
- Special Internet Banking
To get more information about Young Star Account visit ICICI Bank Website.
Axis Future Stars Saving Account
Axis bank kids saving account is known as Future Stars saving account. This account is useful if you want to introduce your child to the basic principles of money management.
Future Stars Saving Account Features
- Low minimum opening deposit of 2500 Rs.
- First 5 free transactions at Axis Bank ATMs
- Free SMS Alerts, Monthly e-statements/Passbook and Internet Banking Facility
You can get more information about Future Stars Saving Account from Axis bank website.
Opening kids saving account is not enough, you need to teach them concept of money. Here are few tips to teach kids about money.
Tips to teach kids about Money
- Remember as soon as they can count they can learn about money.
- Use shopping trips to demonstrate the cost of items.
- Give pocket money in different coins or denominations.
- Encourage them to prepare a budget, no matter how simple it is.
- Teach them to set spending or saving goals.
- Offer them rewards for saving money.
- Encourage them to value money, it is earned by putting in effort.
- Discuss setting aside pocket money each week for savings.
- Set good money saving example to children’s.
Over to You –
How do you teach the concept of money saving?
Do you think opening kids saving account and teaching money management to kids helps them?
Do share your views in comment section.