HDFC Kids Advantage Account
What is HDFC Kids Advantage Account?
The HDFC Kids Advantage Account is a savings account designed to help parents save for their child's future. It offers features like a debit card for the child, insurance coverage, and the option to link it to a fixed deposit for higher interest rates.
Parents and guardians are more likely to inculcate the importance of top grades and immaculate manners in their young ones than tell them the value and importance of money. The general trend is that parents wait until the kids are at least 10-12 before money talks.
In today's consumerist world, this attitude can backfire. HDFC's Kids Advantage Savings Account is designed to emphasize that financial fitness from a young age is crucial characteristic for personal development as well as to build up our economy to admirable heights. Starting an account in the child's name can be a good start to this.
Features & Benefits of an HDFC Kids Advantage Account:
- Free Education Insurance of INR 100,000 for the child if the parent or guardian passes away due to motor accident by road, rail or air.
- Your child (aged 7 to 18) can have his/ her own ATM Debit Card with the parent or guardian's approval. Daily ATM withdrawal limit for the child is INR 2500. But they can shop for INR 10,000 per day at any mercantile.
- Avail complimentary PAP cheque book for your kid when you start the account.
- Keep track of the account through your Net Banking Account, Mobile Banking Account and free monthly e-statements.
For Secured Financial Future
- It is recommended that you transfer INR 1000 or more from your personal account to your HDFC Kid's Advantage account monthly for a term of at least one year.
- When the amount in the Kid's Advantage Account crosses INR 35,000, the money after INR 25,000 will be immediately transmitted to an FD for 1 year in the child's name. This is a 'MoneyMaximizer' feature specially offered for this account users.
Eligibility for HDFC Kids Advantage Account:
- Kid's Advantage Account can be started in your child's name (below age 18) if you have any HDFC Savings Account in your name.
How to start an HDFC Kids Advantage Account?
- To open a Kids Advantage account you have to follow certain criteria.
- Keep the required Average Monthly Balance of INR 5000.
More Popular Savings Accounts for Kids Offered by Banks in India
ICICI Bank Young Stars Savings Account
SBI Savings Account For Minors
IDBI Power Kids Savings Account
If the account falls short of this amount, the following penalty will be charged:
Average Monthly Balance | Penalty charges if you do not maintain the AMB |
Between INR 2500 to INR 5000 | INR 150 |
Less than INR 2500 | INR 300 |
Fees & Charges On HDFC Kids Advantage Account:
Fee & Charge Description | HDFC Kid’s Advantage Account |
Cheque Book | First PAP cheque book for free.Following cheque books will be levied INR 4 per leaf |
For issuance of duplicate statements | Soft Copy - Last 5-year charges via Net Banking - No charge e-Statement on registered email ID - No charge Physical Copy - Rs.100 For Senior Citizen: Rs.90 Branch/Net Banking, Mobile Banking, Phone Banking (IVR & ATM) |
Balance Enquiry | Free |
Certificate of Balance | Regular- Rs.100 (Senior Citizens- Rs.90) |
Interest Certificate | Regular- Rs.100 (Senior Citizens- Rs.90) |
TDS Certificate | Free |
Activation of Dormant Account | No charges |
Address Confirmation | Regular-Rs.100 (Senior Citizen- Rs.90) |
Photograph Verification | Regular- Rs.100 (Senior Citizen- Rs.90) |
Standing Instruction | First return - Rs.200 per instance(Senior Citizen- rs.180) Second return Onwards - Rs.250 per instance (Senior Ctizens-Rs.225) |
Account Closure | Up to14 days - No charges 15 days up to 1 year - Rs.500 (Senior Citizens-Rs.300) Above one year - No charges |
Signature Attestation | Regular - Rs.100 (Senior Citizen- Rs.90) |
Old records/ Copy of Paid cheques | Regular - Rs.100 (Senior Citizen- Rs.90) |
TIN Regeneration | Free |
IPIN Regeneration | Free |
Returned due to negative reason (no such consignee/consignee shifted and no such address) | Rs.50 per instance (Debit card and Cheque book) |
To issue Passbook | Free |
For Duplicate Passbook | INR 100 (Senior Citizen-Rs.90) |
Cheque Collection - Local Clearing Zone | Free |
Stop Payment Fees | Particular Cheque – Rs.90 (Free if paid through Phone banking and Internet Banking) Range of Cheque - Rs.180 (Through branch) |
Bill Pay | Free |
Local Cheque deposited for outstation accounts | Free |
ATM Card | Free. If the card is damaged, HDFC will issue a new card for free. But in case of loss or theft, a new card will cost INR 200. |
ATM/ Debit Card Transaction Charge | HDFC BANK ATMs Other Bank ATMs 5 free transactions in a month (a) In Top 6 Metro cities, you can enjoy 3 free transactions (b) In non -Metro 6 cities, get 5 free transactions Money withdrawal Non-Financial Transaction - Rs 8.50 exclusive of taxes |
HDFC BANK ATMs | Unlimited free transactions across all cities |
Debit Card Transaction Charge - Non HDFC Bank International | Rs.25 for balance enquiry |
Debit Card cash withdrawal | Rs.125 per transaction |
Cardless cash withdrawal | Rs.25 per transaction |
Conclusion:
Teaching your kids how to spend and save wisely is one of the best life lessons you can impart to them as parents. This will ensure that they will grow to be money-wise and self-reliant for life. Open a Kids Advantage Account today itself!
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on HDFC Kids Advantage Account
- What advantages does the HDFC Kids Saving Account offer?
With your consent, a complimentary personalised ATM/debit card will be issued in your child's name. Your youngster can spend Rs. 10,000 daily at merchant locations and withdraw Rs. 2,500 daily from ATMs.
- What advantages does a kid account offer?
Because there is a daily cap on the number of transactions that may be made, this account teaches a youngster the importance of budgeting. Additionally, there is a minimum balance that must be kept in the account and a cap on the amount of money that can be deposited.
- How old must a child be to have a Kids Advantage account?
If you have a savings account with HDFC Bank and your child is a minor (up to 18 years old), you can open a Kid's Advantage Account for them.
- Which account is most suitable for children?
The best option for your child's long-term financial needs is a custodial account. A savings account, on the other hand, is more appropriate for your child's immediate financial need. Additionally, you can educate your child how to manage and save money by using a savings account.
- Can a minor account use UPI?
Is it possible for a small bank account to use UPI? Only minors over the age of 15 are permitted to use UPI to manage their bank accounts, per RBI regulations. A juvenile under the age of 15 who has a joint account with their parents, however, is not permitted to use UPI.
- Can we take money out of a child's account?
Taking Withdrawals: A parent or legal guardian may take money out of a minor's account, but only if doing so serves the minor's best interests.
- Is it wise to open a savings account for children?
A child can learn important financial skills like goal-setting and money management by opening a savings account. Custodial accounts may impact future eligibility for financial aid and can contain more than simply cash.
- What is the HDFC Kids account minimum balance?
You must meet several requirements in order to open a Kid's Advantage account: Maintain the necessary Rs.5000 average monthly balance.
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