India is 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.
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.
Benefits Of Opening Children Savings Account
1.The savings account for the child helps them to understand the basic banking process. They will understand what is records and deposits at the childhood itself.
2. There is no need to maintain a minimum balance for the children's account. So this will be definitely a encouraging one for the children.
3. Monthly or Quarterly Statement paves the way for the opportunity to know how to correct the statement to their account. It is really easy to rectify the savings account.
4. If your children have a bank account, they will get more interest in making withdrawals and deposits.
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.
Acc/Debit card Name
My junior account
In this card, Maximum withdrawal amount is 5000/daily
Personal accident insurance for 2,00,000
Purchase protection liability and Lost card liability for Rs 50,000
My first YES account
Daily withdrawal limit range from Rs 1000/2000/5000
For the minor between 10-18 age
CENT Bal Bhavishya
Children's upto 12
Children's upto 18
Limit can be set on card to control expense
Child above 15 years
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 code is the simple way to find details like address, IFSC code of particular bank.