New Delhi: State Bank of India minors are being given the facility of opening a savings account under the name of 'first step' and 'first flight' in the name of children of any age in the 'first step'. Account can be opened. Since in case of a child below 10 years, this account will be a joint account with his parents or guardian. But children who are 10 years or older can sign in the 'first flight'. An account can be opened in their name.
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Talking about the facilities of this account, then a transaction of maximum 5000 rupees can be done in a day on an ATM machine or point of sale using an ATM debit card. In which there will be no restriction on keeping the minimum balance. These accounts can be opened on zero balance. Up to 10 lakh rupees can be kept in this account at any given time. The interest on these accounts is the same as the savings account. Nominee facility will also be available in these. It also has an auto swap facility. Under this, if there is more than 20 thousand rupees money, this additional amount will be FD. You will also be given a check book in these accounts. Since your mobile number has to be registered for this. In the same, internet banking and mobile banking facility will also be provided to you with a limited transaction limit. With the help of internet banking, a transaction of maximum 5000 rupees can be done in a day. Internet Banking can open a term deposit, recording deposit account. Transactions up to a maximum of Rs 2000 can be done through mobile banking.
Between opening both types of accounts, the bank has to provide some KYC documents. State Bank of India first step is to provide proof of birth of the child and father's Aadhar card and PAN number in the account. If there is no PAN card, Form 60 has to be filled. In the first flight scheme, it will be necessary to provide proof of the birth of the child along with his base and PAN. In addition, a photo with both accounts is also required.
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