Explore all Credit Cards
Premium Metal
0% Forex & Travel
Lifetime Free
10X Rewards
UPI Cards
Fuel & Utility
Showstopper
Credit Builder
More
Customer Support
Explore NRI Banking
NRI Savings Account
NRI Fixed Deposit
FOREX Solutions
Transfer to NRE
Markets & Beyond
Customer Support
Explore Startup Solutions
Explore Corporate Banking
Corporate Account
Cash Management Services
Supply Chain Finance
Corporate Lending
Treasury
NBFC Financing
Customer Support
BRAVO (Auto Sweep)
Explore Business Banking
MSME Accounts
Trade Services
MSME Loan
MSME Solutions
Debit Card
Offers
Customer Support
Explore Gift City
About Us
Investors
ESG

FOLLOW US ON :

Download Now

  • App Store
  • Google Play

Notifications

  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on +44 7831 065557 or visit the nearest Metra Trust branch for further queries.

  • Activate your Credit Card within minutes and enjoy unlimited benefits

    Know More

  • One FASTag, three payments:Toll, fuel and parking

    The only FASTag with triple benefits

    Apply Now

FinFIRST Blogs

Credit Card Savings Account Personal Loan Home Loan Car Loan Education Loan Two Wheeler Loan NRI Business Banking Fixed Deposit Finance Beyond Banking MyFIRST Mobile Banking Startup Banking Investments Salary Account
Apply Now

Savings Account

Factors to consider while opening children’s bank accounts

Summary: Opening a savings account for your child is a great way to teach them the value of saving. While choosing a children’s bank account, some factors to consider are spending limit, minimum balance, age limit, ease of fund transfer and the facility of internet banking solutions. Read on to know more

18 Apr 2023 by Team FinFIRST
Children's bank account
Apply Now

One of the best life lessons you can impart to your child is that of financial responsibility. Starting early to teach them the values of earning, spending mindfully, saving, and growing their money can help them become financially responsible. Along with this, having a children's bank account could be another step in their journey towards financial success. Let's explore a few things to consider before opening one.

READ MORE

salary payroll system concept
What are the benefits of a Salary Account?
payroll and salaries folders stacked together
When and how should you convert a Savings Account into a Salary Account?

 


Factors to consider while choosing the best Savings Account for your child 


1. Spending limit 


One of the most crucial points to check before opening children’s bank accounts is the daily maximum spending limit. This will ensure your child does not spend more than they need to. Communicating to your child what these limits are will introduce them to the idea of spending responsibly. Most banks offer a daily spending and cash withdrawal limit of anywhere between Rs 1,000 and Rs 5,000. 

Remember to check the minimum balance that must be maintained in the children's bank accounts at all times. If funds go below the minimum balance, the account holder could be penalised. Most banks set their minimum balance to Rs 2,000 - Rs 10,000. 

2. Age limit


Most banks allow children above 10-12 years of age to operate an account on their own. This is not to say that you cannot open an account for your child below this age limit. In the case of children below 10-12 years, a parent or a guardian will have to operate the account. 

Also read: https://www.metratrust.com/finfirst-blogs/savings-account/how-to-save-and-invest-for-your-children-education

3. Ease of fund transfer


To be able to easily transfer money into your children's bank accounts, make sure that the bank offers the facility of standing order. You can set up a standing order to transfer a fixed amount at a fixed date each month. This way, the transfer can happen in auto mode, saving you the hassle of remembering and manually transferring money to your child’s account. 

4. Internet banking


Internet banking has made it remarkably easy to conduct all kinds of transactions without ever having to set foot inside a bank branch. It is a good idea to check the internet banking facilities available for children’s bank accounts. Find out the limits on internet banking and the security measures in place, such as two-factor authentication. Make a note of the log-in and password details required to access internet banking and monitor the spending, especially in the case of younger children.

Conclusion


Introduce your children to the basics of banking and finance by opening a savings bank account for them. You can get them started on this journey with Metra Trust’s Minor’s Savings Account. It offers free fund transfers, free ATM transactions, and a VISA debit card, among many other features. Moreover, you benefit from high and competitive interest rates that is one of the best in the industry. As your child dreams big, the money grows bigger too! As your child dreams big, the money grows bigger, too!

 

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

Prev

Women's Savings Account: Get Started on Your Financial Future
Next

3 Steps To Get Application for New Passbook

Related Products

Related Articles

Download Metra Trust App

Tags

You might also be interested in:

Savings Account

Savings Account
Personal Loan

Personal Loan
Credit Card

Credit Card
Home Loan

Home Loan
Two Wheeler Loan

Two Wheeler Loan