State Bank of India offer to your children two banking products Pehla Kadam and Pehli Udaan,, This will not only help children learn the importance of saving money, but will also allow them to experiment with the ‘purchasing power’ of money.
Both the Savings Accounts “Pehla Kadam and Pehli Udaan” are fully loaded, Full of banking facilities like internet banking, Mobile Banking, etc. Which will not only familiarize children with various channels of modern banking, but will also teach them the nuances of personal finance. All these features come with a ‘per day limit’ to ensure that they spend the money wisely.
Eligibility
While SBI’s Pehla Kadam account can be opened by minors, the Pehli Udaan account is meant for those who are above 10 years of age.
What is the Benefits of Pehla Kadam and Pehli Udaan
Monthly Average Balance (MAB) requirement not applicable which mean NIL (ZERO BALANCE).
Maximum Deposit Balance Rs. 10 lakh.
Cheque BooK –
- Pahla kadam: Check-books available, Where the mobile number of the account holder is recorded. A specially designed personal cheque book (with 10 cheque leaves) will be issued to the Guardian in the name of the minor under guardianship.
- PehliUdaan : Cheque-books are available, Where the mobile number of the account holder is recorded. Specially designed Personalised cheque book (with 10 cheque leaves) will be issued if the minor can sign uniformly.
ATM-cum-Debit Card
PehlaKadam : Child’s photo which embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs. 5,000/-.
Card will be issued in the name of both the minor and Guardian.
PehliUdaan: Photo embossed ATM-cum-Debit with withdrawal/POS limit of Rs. 5,000/- will be issued in the name of the minor only.
Mobile Banking
- PehlaKadam : Maximum limited transaction : Bill payment, Top ups. Per day transaction limit of Rs. 2,000/-
- PehliUdaan : Maximum limited transaction – Bill payment, Top ups, IMPS. Per day transaction limit of Rs. 2,000/-
Auto sweep facility with a minimum threshold of Rs. 20,000/-. Sweep in multiple of Rs 1,000/- with a minimum of Rs. 10,000/-
Over Draft for Parents/Guardians
- PehlaKadam : Overdraft against Fixed deposits for parent/guardian subject to fulfilling other terms and conditions which decided by bank.
- PehliUdaan : No overdraft facility under this Account.
Standing Instruction for Recurring Deposit, free of charge.
In case of Pehla Kadam account only : Personal Accident Insurance Cover (offered by SBI General) for the Parent.
Child Plan offered by SBI Life : Smart Scholar (Market Linked) – with inbuilt premium waiver benefit and loyalty additions to fulfil the child’s dreams.
Internet Banking
PehlaKadam : limited transactions on this account – Inter-Bank funds transfer (NEFT only), and Issue Demand Draft, Opening e-Term Deposit (e-TDR)/ e-Special Term Deposit (e-STDR)/ e-Recurring Deposit (e-RD), Bill payment.
Per day transaction limit of Rs. 5,000/-
PehliUdaan : limited transactions on this account – Inter-Bank funds transfer (NEFT only), and Issue Demand Draft, Opening e-Term Deposit (e-TDR)/ e-Special Term Deposit (e-STDR)/ e-Recurring Deposit (e-RD), Bill payment.
Per day transaction limit of Rs. 5,000/-
Interest Rate of PehlaKadam & PehliUdaan
2.70% p.a.
Upto 1 lakh(w.e.f. 31.05.2020)
2.70% p.a.
Above 1 lakh (w.e.f. 31.05.2020)
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