Give your child a head-start to finance with these Savings Accounts
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You may have heard that doubling your money is easy. But digital distractions, mounting bills, tracking savings, and building a financial safety net for your family’s future can be challenging. Fortunately, some new savings options for parents make it easier to start securing your child’s education. You can start with a Savings Account for your child and gift them the best 18th birthday present.
Having cash is the best part of adulthood. Doing so can significantly impact your child’s future financial security. When you start early, you give your child a head-start in learning about Bank Account opening and investing for their future. Here is what you need to know about setting up an investment account for your child. These will give your child a head-start into adulting than worrying about it.
Super Kids Savings Account
Super Kids Account can be opened for kids below 18 years, provided their parent or guardian has an account with the bank offering this facility. The Average Quarterly Balance for this account ranges from Rs. 1 lakh to Rs. 2 lakh, depending on the bank. Various benefits provided for such account holders are:
They offer various educational, healthcare, and shopping benefits.
Free education Insurance coverage is also available in case of the sudden death of the parent or guardian.
Under your supervision, your child can also experience the flexibility to deposit money whenever available or in small amounts on a weekly or monthly basis through the services linked to their accounts.
If your child has completed three years, you can gift them a Debit Card linked to their account with their name on it.
Kids Advantage Account
If you do not have a 0-Balance Account open for your child, you might consider opening a Kids Advantage Account for its benefits. If your child is above 10 years, they can avail of self-operated Minor Accounts and issue a Debit Card. A minimum AMB is to be maintained to avoid non-maintenance charges. Besides these, the features and benefits offered through a Kids Advantage Account are like Super Kids Savings Account.
There’s no single way to start saving for your child’s future. Getting your child into investing at an early age gives them a head start on being financially responsible adults. This will help them get on the path to financial security sooner. Whether saving for your child’s education or your future, a little bit each month can make a big difference.