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Empower Your Child: Opening A Minor Savings Account Online
Posted on Tuesday, March 19th, 2024 | By IndusInd Bank
Minor Savings Accounts are a simple and hands-on way to develop good money habits in children between the ages of 10 and 18 or legal adulthood within India. Such good money habits form the base for a healthy relationship with money that can improve your child’s quality of life.
The goal behind offering minor savings accounts is to encourage them to learn a key life skill – the saving, managing, and spending of money. This helps your child manage finances in a way that has an impact on their life.
You can help your child grow the muscles of managing money by helping them open such an account online or at your nearest IndusInd bank branch.
How to introduce children to good money management
One of the best ways to learn something is by doing it. If we apply this principle to personal finance, children can thrive at this skill when you help them and the first step towards this is to open a minor savings account for them. By having access to their own savings account, your child can learn how to budget, how to track expenses and how to refine their lifestyle for their goals – whether it is saving for a big occasion or keeping money aside for emergencies.
Interacting with money is an empowering way to navigate life. When your child has an open minor savings account online, they have an easy way to evaluate their income and expense patterns. It allows them to develop analytical skills and personal accountability about money, both qualities that are fundamental in how adults manage money.
Minor Savings Accounts at IndusInd Bank
It is prudent to develop a healthy relationship with money early in life. To enable your children to have comfort with money and its many uses – IndusInd Bank offers you, as a parent or guardian, the ease of a zero-balance minor account opening. The Indus Young Saver account offers a fresh set of possibilities to your child, including the skill of handling money responsibly and smartly.
Steps for zero balance minor account opening online
A parent or a guardian can open an Indus Young Saver account for their child of 10 years or above online. It is a simple process and requires some documents. These documents are:
- Birth proof of the minor
- Photograph of the guardian
- Guardian’s declaration
- Address proof and identity of the guardian
Note – Due to the sensitive nature of opening a bank account for a minor, an in-person verification is required under the process.
How to open a bank account for a minor
You can walk into your nearest IndusInd Bank branch to submit these documents and open an account as an “Under Guardian” account. Alternatively, a minor can do this for himself or herself if they are aged 10 years or above. Doing this in person at a branch can help you open a minor account instantly.
Similar documents are required for the Know Your Customer, or KYC, of both sets of accounts. The Indus Young Saver account opened without “Under Guardian” can empower your child with more operational freedom and even discretion. In turn, this also gives them more responsibility at an early age.
Benefits of Indus Young Saver Account
In addition to developing good financial habits and tracking their expenses, an Indus Young Saver Account offers a suite of benefits. These include:
- A customised debit card for online payments & using ATMs for cash withdrawals
- A chequebook as a tool for offline payments and to learn the basics of banking transactions
To summarise, a savings account for your minor child can be a helpful tool to build good money habits in them. It will allow minors to budget, spend, and save freely. One can open such an account for their children at their nearest IndusInd Bank branch along with a set of documents.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.
