HDFC Bank Kids Advantage account
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HDFC Bank Kids Advantage account
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- Account Type
- Saving Account
- Minimum balance
- Rs. 5,000 /- for Average Quarterly Balance
- Daily withdrawal limit
- Rs. 2,500/-
- Free debit card
- Free
- Funds transfer facilities
- FREE
- Auto sweep FD facility
- N.A.
Features and Benefits of HDFC Bank Kids Advantage account
- Free Education Insurance cover of Rs. 1,00,000/- in the event of death of the parent / guardian through vehicular accident by road, rail or air to safeguard the future of your child.
- ATM/International Debit Card will be issued for children between 7-18 years of age in the child's name with your permission. The amount your child is able to withdraw is Rs. 2,500/- at ATMs or spend Rs. 2,500/- at merchant locations.
- Free cash withdrawals on any other Bank's ATM*
- 1 free Personalised cheque book for your child.
- Monitor the transactions of your child's account with the free quarterly physical statement of account or free monthly Email Statement of account.
- Free NetBanking for you to monitor your child's account.
- Free SMS/Email alerts informing you about the account transactions.
- For their Secured Future
- Standing Instruction to transfer any amount from your account to your Kid's Advantage Account every month (Minimum value = Rs. 1,000/- & Minimum tenure = 1 year) (Mandatory).
- Once the balance in the Kid's Advantage Account reaches/exceeds Rs. 35,000/-, the amount in excess of Rs. 25,000/- will automatically be transferred into a Fixed Deposit for 1 year 1 day, in your child's name, by signing in for our sweep-out facility.
- You can also opt for systematic investments in mutual funds from the Kid's Advantage Account in your child's name.
- What's more, all the above facilities come absolutely FREE.
-
Documents Required for HDFC Bank Kids Advantage account
- Kid's Advantage Account can be opened for your child as long as your child is a minor (up to 18 years of age) and you have a Savings Account with us.
- If you do not have a HDFC Savings Account, you will need to open an account.
- How to Open a Kid's Advantage Account
- Maintain a minimum Average Quarterly Balance requirement of:
- - Rs. 5,000/-
- OR
- Average Quarterly Balance requirement is not applicable if you maintain a Fixed Deposit of Rs 50,000/- or more (in the primary applicant’s customer id)
- The Kid's Advantage savings account needs to be opened with an initial amount of minimum Rs 5,000/-
- Penalty for non-maintenance of Average Quarterly Balance is Rs. 300/- per quarter
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