Kotak Mahindra Bank Children Savings Account 2013

Kotak Mahindra Bank Children Savings Account 2013

Private sector lender, Kotak Mahindra Bank launched a savings account for children up to 18 years of age. It has also started a 10-year recurring deposit (RD) for long term financial planning.

The interest rates on savings accounts for children and on the RD would be same as being currently offered on general savings bank accounts and fixed deposits, respectively.

Currently, the bank offers 5.5 per cent interest on savings account balances of up to Rs 1 lakh and 6 per cent on balances above Rs 1 lakh.

Eligibility:  

You can open the account in your child’s name, while you will be the guardian managing the account. 

You will have to maintain a minimum balance of Rs 5,000, but if you make regular RD or SIP investments, the bank will waive off the minimum balance requirement