Published on 07/25/2016 9:53 am
Debit cards and Bank accounts for Kids in India


India: One of the fast developing democracy countries in the world. Moreover, India is the second largest populated country in the world. Crowd in the metropolitan cities like mumbai, kolkata, chennai are constantly increasing due to migrations of people from rural areas. Situation makes the couples get into work after their marriage.

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Teaching your kids about value of the money is more important. None of school teach this to your child. For this creating separate bank account and ask them to manage. There are few financial institutions allowing to create bank account for kids (less than 18 year old). Before creating account for your kids, you should well aware about the bank and their policy.

Start to teach them from RBI, All bank IFSC code, MICR code and SWIFT code. Banks are also offering debit card with terms and conditions, fund transaction within certain limit etc.


Bank Name

Acc/Debit card Name

Card features

Age

Kotak Mahindra

My junior account

In this card, Maximum withdrawal amount is 5000/daily

NA

Axis Bank

Future stars

Personal accident insurance for 2,00,000


Purchase protection liability and Lost card liability for Rs 50,000

Below 18

YES bank

My first YES account

Daily withdrawal limit range from Rs 1000/2000/5000

For the minor between 10-18 age

Central Bank of India

CENT Bal Bhavishya

NA

Children's upto 12


Bank of Baroda

GEN-NEXT Junior

NA

Children's upto 18

Citibank

Junior Account

Limit can be set on card to control expense

Child above 15 years

South Indian Bank

Junior Saving Account

ATM for free of Cost

Child between 10-18 years

For all the bank branches has 11 character SWIFT code. SWIFT code is the code used to identify the international branches of the bank. Search bank by swift codeis the simple way to find details like address, IFSC code of particular bank.


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