Best Savings Bank Account for Teenagers? Every under-18 year old has asked this question or wondered about it. We know how hard it can be to choose a savings account as a teenager. It’s completely justified why it’s arduous to pick the best savings account for yourself, as a teen, when you’re not familiar with banking and financial terms, it might seem a lot to make sense of different banks and what they have to offer. Here, we have compiled a list just for you teens out there who’re looking forward to opening a bank account according to their needs/requirements.
Table of content…
- 1. HDFC Bank – Kid’s Advantage Savings Account
- 2. ICICI Bank – Young Stars Savings Account
- 3. SBI – Pehli Udaan Savings Account
- 4. Kotak Mahindra Bank – Junior Savings Account
- 5. Axis Bank – Future Stars Savings Account
- 6. IndusInd Bank – Indus Young Saver Savings Account
- 7. Citibank – Junior Savings Account
- 8. IDBI Bank – Power Kids Savings Account
- 9. Bank of Baroda – Baroda Champ Account
- 10. Punjab National Bank – PNB Junior Savings Fund Account
1. HDFC Bank – Kid’s Advantage Savings Account
HDFC Kids Advantage Savings Account is designed to help teenagers become financially secure without them having to rely on their parents’ savings account. Any person below the age of 18 is eligible to apply for HDFC Kids Advantage Savings Account.
In order to open an HDFC Kids Advantage Savings Account one must maintain an average monthly balance of ₹5000. Penalty costs will be levied in the event of non-maintenance. If the balance is in the range of ₹2500 – 5000, you have to pay Rs 150 as a penalty. In addition, in the event of a balance less than ₹2500, the penalty shall be ₹300.
The key feature is the provision of free education insurance cover for ₹1 lakh in the unfortunate event of the death of a parent/guardian by road, rail, or air accident to safeguard the future of the child.
The bank will also provide an International Debit Card that will be issued with the permission of the parents for children between the age of 7 and 18. Teenagers can withdraw up to ₹2,500 at ATMs and spend up to ₹10,000 a day at retail stores/malls. Once the balance in Kids Advantage Savings Account reaches (or exceeds) ₹35,000, the amount that is in excess of ₹25,000 will automatically be converted into an FD (Fixed Deposit) of the teenager’s name. This feature is known as MoneyMaximizer, which helps you in obtaining higher savings interest rates.
2. ICICI Bank – Young Stars Savings Account
ICICI bank, as we all know, offers one of the best private bank services in India. They have developed a savings account to cater to the needs of teenagers in India as well. With ICICI Young Stars Savings Account, any children in the age group of 1 day to 18 years old can open a savings account with ICICI.
Teenagers can select Young Stars Debit Card that allows them to have transactions under the limit of ₹2,500 / ₹5,000 for shopping at retail stores and withdrawal of cash each day. Also, it only requires a minimum balance of ₹2500 for opening a savings account. It also offers many convenient banking features such as Internet banking, iMobile app, etc dedicated towards ease of use for both parents as well as children.
Teenagers are also issued a savings account bank passbook while opening an account with ICICI. Teens can also opt for free payable-at-par multi-city chequebook and email statements as monthly transaction statements will be mailed to them for convenience. ICICI also has a MoneyMultiplier scheme, where you can set a balance limit above which the money in your savings account will directly be converted into FD. This can help you in earning higher interest rates.
3. SBI – Pehli Udaan Savings Account
The most widely recognized bank in India has one of the best savings account programs for teenagers in India. Teenagers can simply open an SBI Pehli Udaan Savings Account without having to worry about minimum balance. Yes, you heard (or read) that right, there’s no minimum balance required for opening a savings account with SBI and also teens don’t require a parent/guardian in order to open a savings account, unlike other banks.
SBI also provides teens with chequebook and a debit card that has monthly transaction limit of ₹5,000, be it for shopping or withdrawal purposes. Teens can also opt for internet banking and/or mobile banking facility as per their convenience and access features such as bill payment, recharge and money transfer.
4. Kotak Mahindra Bank – Junior Savings Account
Kotak Junior Savings Account, which is particularly designed to fulfil the saving needs of teenagers, leads to awareness in financial literacy and helps parents to create a financial fund for the future of children. Teenagers will appreciate the banking experience of Kotak’s Junior Savings Account with amazing privileges, including Junior ID Cards and offers in movie tickets, shopping and dining. Teens also have the option of owning a debit card with a daily withdrawal limit of ₹5,000
5. Axis Bank – Future Stars Savings Account
The Future Stars Savings Account of Axis Bank allows teenagers to realize the importance of savings and helps them build a solid financial base. Future Stars Savings Account perks include a personal accident insurance plan of Rs. 2 Lakh for the account holder and a personalized Visa Platinum Debit Card where teens can opt to have their own image on the card. This is one of the only banks in India offering a personalized platinum debit card to teenagers. A minimum balance of ₹2,500 has to be maintained in metropolitan cities. Teenagers also have the option of applying for internet banking to avail features such as bill payment, recharge, money transfer, etc
6. IndusInd Bank – Indus Young Saver Savings Account
Indus Young Saver’s savings account, built specifically to meet the saving requirements of teens, offers monetary awareness and helps parents develop a financial fund for their childrens’ future. Teenagers can enjoy IndusInd’s banking experience with incredible benefits such as customizable debit card and chequebook, online shopping, cinema, and dining incentives. Teenagers are required to maintain an average monthly balance of ₹5,000.
7. Citibank – Junior Savings Account
Made primarily to satisfy teenage saving standards, Citibank Junior Savings Account offers financial understanding and helps parents establish a secure financial fund for the future of their children. Teenagers can appreciate the banking experience of Citibank with amazing perks that include investment opportunities such as deposits and mutual funds, offers on online shopping sites such as Flipkart, Reliance Digital, etc.
Teens can also opt for an International debit card that has offers across the country on dining and shopping centers. The only condition to open Citibank Junior Savings Account is that teens must be in the age group of 15 – 18 years old and the account must have 2 account holders, 1st holder being the teen, and 2nd holder being the guardian.
8. IDBI Bank – Power Kids Savings Account
IDBI Bank has tried coming up with an excellent solution to the banking needs of teenagers, they have introduced a program named Power Kids Savings Account that has criteria which are easy to fulfill for teenagers. To start off, a minimum balance of only ₹500 is required. In addition, there’s no penalty or charge in the case of non-maintenance of minimum account balance. They have also designed a unique ATM card specially to cater to the needs of teenagers. A personalized chequebook and a free passbook is also given when teenagers open a savings account with IDBI.
9. Bank of Baroda – Baroda Champ Account
Bank of Baroda has sought to find an outstanding solution for teenagers’ economical needs and has come up with Baroda Champ Savings account scheme that conveniently meets the requirements of modern teens. No minimum balance is required to get started. They have also created RuPay Baroda Champ Debit Card for teens that is free to apply. Features such as internet banking, mobile banking, etc are also available if the teens wish to avail them. Bank of Baroda also offers no charge on the payment of school fees through their service (for amounts up to ₹1 Lakh)
10. Punjab National Bank – PNB Junior Savings Fund Account
Teenagers who wish to open the PNB Junior Savings Fund Account do not need to have an initial deposit requirement in order to open the account. There is also no provision for minimum quarterly average balance. When the account is opened, account holders are issued a free chequebook containing 50 free cheque leaves (per year).
Teens can also make free NEFT fund transfers up to ₹10,000 a day, and opt for internet and mobile banking facilities. Demand drafts for payment of school fees are also completely free of charge. A free RuPay debit card is also issued when you open an account that allows ATM withdrawals of ₹5,000 per day.
