14 Bank Account, Debit Cards for Kids in India: Eligibilty, Features & More
Teaching your child value of money is must for their financial future. No school will ever teach this important thing. And it is the responsibility of the parents to make their child learn on how to save and spend as they grow.
One way they can do is by opening savings account for them and regularly contribute money into it. So when the child starts managing the account and starts to understand the concept of interest, he/she will become knowledgeable enough to understand the need of saving for long term and its benefits. Along with the bank account for minors, banks also offer debit cards, but with certain terms and conditions. However considering the age of the child, banks put a transaction limit on the card. This in a way, teaches the value of spending – when and where.
Here are some of the banks offering debit card for minors, along with the eligibility:
|Bank Name||Account/Debit Card Name||Card Features||Age - Eligibility
|ICICI||Young Stars||1) Daily withdrawal/transaction/online transaction limit of Rs. 5000|
2) Zero Liability Protection in case of loss/theft of card
3) Payback Rewards
|For children with age between 1day to 18 years|
|ICICI||Smart Star||1) Daily withdrawal/transaction/online transaction limit of Rs. 5000||10 years to 18 years
|IDBI||Kids Debit Card||1) Insurance cover upto Rs. 8000|
2) Daily withdrawal/transaction limit of Rs. 2000
3) Get 2 loyalty points per Rs.100 spent"
|HDFC||Kids Advantage Account||1) Card can be issued on child's name|
2) ATM withdrawal limit of Rs. 2500
3) Daily shopping limit of Rs. 10000
4) Free cash withdrawal at any bank's ATM
|For minor upto 18 years of age|
|SBI||Pehla Kadam & Pehli Udaan||1) Withdrawal/POS limit of Rs. 5000|
2) Photo of minor embossed on the card
|1) Pehla Kadam - Any age
2) Pehli Udaan - Above 10 years
|Kotak Mahindra||My Junior Account||Daily withdrawal limit of Rs. 5000||NA|
|Axis||Future Stars||1) Personal accident insurance cover of upto Rs.2,00,000|
2) Lost Card Liability and Purchase protection liability of up to Rs. 50,000
|Below 18 years|
|YES||My First YES Account||Customized daily withdrawal limits between the range Rs.1000/2000/5000||For minors of age 10 years and above|
|Central Bank of India||CENT Bal Bhavishya||NA||Child upto age 12 years
|Bank of Baroda||Gen-Next Junior||NA||Children upto 18 years
|Karur Vysya||Jumbo Kids||1) No charge on issue as well as no AMC|
2) PoS transactions permitted
|Child upto age 12 years
|Citibank||Junior Account||Limit can be set on card to control expenses||Child above age 15 years
|South Indian Bank||Junior Savings Account||ATM cum debit card is free of cost||Age 10-18 years|
I am Nikesh Mehta, owner and writer of this site.
I’m an analytics and digital marketing professional and also love writing on finance and technology industry during my spare time. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business. I can be reached at [email protected] or LinkedIn profile.