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New Delhi: India’s largest lender the State Bank of India (SBI) recently introduced ‘Pehla Kadam and Pehli Udaan’ savings account for minors. SBI official website says, “Pehla Kadam and Pehli Udaan (PKPU), are complete bouquets of banking products, that will not only help children learn the importance of saving money but will also allow them to experiment with the ‘buying power’ of money,”
According to the bank, both the Savings Accounts are fully loaded; replete with banking features like internet banking, mobile banking, etc. which will acquaint children with the different channels of modern-day banking. All these features come with ‘per day limits’ to ensure that children spend the money wisely.
Here’s everything you need to about the accounts:
Pehla Kadam: A minor of any age can open this account. However, the account has to be jointly opened with the parent or guardian.
Pehli Udaan: This account can be opened in the sole name of the minor above the age of 10 years who can sign uniformly.
2. Transaction limit:
Both the savings account have a transaction limit of Rs 5,000 per day, in case of internet banking, and Rs 2,000 with mobile banking. One can make bill payments, inter-bank funds transfer (NEFT only), get demand drafts and open e-term deposits from these accounts.
3. Interest rate: