new Delhi: Just as elders have a Savings Account, in the same way you can open a Savings Account in the name of your child, but less people are aware of this. In these accounts too, almost all the elders get facilities. At the moment we will show you today Fino Payments Bank will tell about their child savings account launched for children. You can open these accounts in the name of children above 10 years.
The COO of Fino Payments Bank says that along with learning other skills of the young population of India, it is also important that children should know about banking from the beginning. This account will be opened through Aadhar Card. Developing a habit of saving in children through this account can be a little convenient. Let’s tell you the advantages of this account-
- With this, a debit card will be available for free, which can be used only for cash withdrawal at ATMs through Aadhaar authentication.
- There is no problem like maintaining minimum balance in this account.
- For the account, it will be necessary to have a separate mobile number in the name of the child, which will be different from the parent’s number.
- This account will be converted into normal savings account when the child is 18 years old.
Finobank says that they have started this account to carry forward the National Financial Inclusive Policy and they aim to open at least 1 lakh future savings accounts this financial year. With these accounts, the assistance sent by the government will be able to come in the direct children’s account.