State Bank Of India

State Bank of India (SBI) has introduced personalized savings accounts for children below 18-year age. SBI introduced this product three months after the Reserve Bank of India (RBI) issued guidelines allowing minors over 10 years to operate bank savings accounts independently and use facilities such as ATMs and cheque books.

All the account holders will be given an exclusively designed personalized photo ATM-cum-Debit card. Specially branded passbook, cheque book have been designed for these products.   Other features include internet banking with limited transaction facilities like bill payment, opening of fixed deposit, recurring deposits, etc. with per day transaction limit of Rs 5,000.

Besides, such account holders can also avail facility of mobile banking with limited transaction facilities like bill payment, top-ups with per day transaction limit of Rs 2,000. Auto sweep with a minimum threshold of Rs 20,000 and in multiple of Rs 1,000 with a minimum of Rs 10,000, are additional facility introduced.