Debit Cards for Kids & Children in India
What is a Kids Debit Card ?
A kids debit card is a special card made for children to help them learn how to use money. It is linked to a parent’s or guardian’s account and allows kids to spend safely with limits.
How Does a Kids Debit Card Work?
Kids can use the debit card to buy things or take out cash, but only up to a set daily limit. Parents can track spending, get alerts, and control how the card is used to keep it safe and educational.
Top Debit Card for Kids
Here is the complete list of Debit Cards and their information:
Bank & Card Name | Eligibility & Limits | Key Features & Fees |
HDFC Kids Advantage Debit Card | Age: 7–18 yearsATM Limit: ₹2,500Spend Limit: ₹10,000 | Insurance cover, zero liability up to ₹4 lakh, EMI conversion, annual fee ₹150 |
ICICI Young Stars / Smart Star | Age: 1 day–18 yrs (guardian); 10–18 yrs (self)ATM Limit: ₹5,000Spend Limit: ₹3 lakh (POS, with guardian) | Discounts, online use, SMS alerts, min. balance ₹2,500 |
IDBI Kids PayWave Debit Card | Age: Typically 10+ yearsATM Limit: ₹2,000Spend Limit: ₹2,000 | Loyalty points, insurance up to ₹8,000, issuance fee ₹150, annual fee ₹220 |
Standard Chartered Prodigy Card | Age: 10+ yearsATM Limit: ₹5,000Spend Limit: ₹5,000 | Reward points, personalized card, exclusive to Prodigy Savings Account holders |
HDFC Kids Advantage Debit Card
The purpose of HDFC Kids Advantage Debit Card is to expose kids to the banking industry. The card, which is available to kids aged 7 to 18 years old, has many advantages, including the opportunity to convert purchases over Rs.5,000 into EMI and 0% risk on illegal transactions up to Rs.4 lakhs.
ICICI Young Stars Debit Card
ICICI Bank's Young Stars Debit Card aims to provide young consumers with a number of advantages. You may enjoy all the benefits of an ICICI Bank Debit Card with this card, including fantastic savings on dining, shopping, and other activities. The card has a daily withdrawal cap of Rs.3 lakhs for regular transactions at POS systems and Rs.5,000 for ATMs.
IDBI Kids PayWave Debit Card
One of the best cards for young children is IDBI Bank Kids PayWave Debit Card. With an annual cost of Rs.220 plus taxes and a modest issuance fee of Rs.150 plus taxes, it is affordable for parents who wish to see financial responsibility for their kids. Children may learn how to manage their money with a daily cash withdrawal limit of Rs.2,000 and a daily purchase limit of Rs.2,000.
Standard Chartered Prodigy Debit Card
Standard Chartered Bank's Prodigy Debit Card is meant only for young savers who are 10 years or older. The daily withdrawal limit for this individualized debit card at ATMs and POS (Point of Sale) terminals is Rs.5,000. For every Rs.100 spent, young cardholders can receive two reward points, and for every Rs.100 spent on their birthdays, they can get twenty reward points.
Benefits of Debit Cards for Kids
Having debit cards for kids can have several benefits such as follows:
- Financial Education: Children can learn about budgeting, money management, and financial responsibility through the practical platform that debit cards offer
- Convenience: Whether kids are buying books, school supplies, or online learning materials, debit cards are a safe and easy method to do it
- Guardian Oversight: Parents or guardians can keep an eye on their children's spending and help them to develop responsible financial habits by using joint accounts with debit cards
- Emergency finances: If kids need to make sudden purchases or payments, debit cards can provide them access to emergency finances
- Digital Literacy: Children's digital literacy and potential for success can be improved by exposing them to digital banking and transactions at a young age.
FAQs on Debit Cards for Kids
- Are debit cards safe for kids?
Yes, they have security features like parental controls, spending limits, and fraud protection.
- When is the right age for a minor to obtain a debit card?
A minor's maturity level and capacity for responsible money management determine when they should be given a debit card. While some parents wait until their teenager is in high school or college, others may provide a debit card to a young person as early as age 10 (the RBI's minimum age restriction).
- What are the advantages of providing a debit card to a child?
A kid can acquire responsible money management and budgeting skills by being given a debit card. Additionally, it can help kids feel more independent by enabling them to buy things without their parents' help or money.
- What risks occur when giving a debit card to a child?
Giving a debit card to a kid carries risks, such as the potential for fraud, excessive spending, and the absence of several consumer safeguards that come with debit cards.
- What are some alternatives to providing a kid with a debit card?
There are alternatives to providing a minor with a debit card such as, providing a pre-paid debit card to them, establishing a shared account with them, keeping an eye on their expenditures, and providing them with cash support.
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