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Finance
How Minor Savings Account Can Secure Your Childs Future
Key Takeaways
A minor savings account helps children develop the habit of saving from an early age
- It teaches children financial responsibility and basic money management skills
- Parents can guide and monitor account usage while children learn to track and set goals
- Starting early ensures long-term financial security and a strong foundation for future needs
As a parent, you strive hard to provide the best facilities to your child. But while you do your best to make their present better, do not forget to save for their future. You need to ensure that your child doesn’t have to face any financial difficulties to fulfil all their dreams in the future. These could include their higher education and a grand wedding, among other things.
Several investment options in India allow savings for a child – such as fixed deposits, mutual funds, and child plan insurance policies. You can also open minor savings account for saving and investing for your child. Let’s learn about the features and benefits of such accounts.
Save specifically for your child
A minor savings account allows you to save exclusively for your child. You can open a minor savings account in your child’s name and park some money specifically for them in it. You can use this account as a regular savings account and deposit money in it whenever you have surplus funds.
As a parent, you can operate your child’s minor savings account until they attain the age of 18. After your child becomes an adult, you can hand over their savings account to them.
Get higher interest rates on your savings
Usually, banks offer higher interest rates on minor savings accounts as compared to regular savings accounts. For example, with an IDFC FIRST Bank Minor’s Savings Account, you can earn up to 6.50% interest annually. This is done to encourage you to save for your child’s future.
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No average monthly balance requirement
Usually, one has to maintain an average monthly balance in their savings account. However, minor savings accounts generally do not have this condition. You can even open a zero balance kids savings account and start saving for your child without any worries. Your child can use the accumulated corpus in their savings account to meet their future financial goals.
Encourage your child to save regularly
By opening a minor’s savings account for your child, you can encourage them to save money in their account regularly. This is similar to saving money in a piggy bank, except that your child will also learn the fundamentals of banking and investing.
Send and receive money from others
Your child’s minor savings account can be used just like a regular savings account. You can use it to send and receive money from others. For instance, your relatives can send gifts to your child by sending money to their savings account.
Conclusion
Proper financial planning is necessary to secure your child’s future. A minor’s savings account can help you save for your child in an organised manner. It can also help you teach your child the importance of saving and investing. With an IDFC FIRST Bank Minor’s Savings Account, you can earn up to 7.00% p.a. interest on your savings for your child.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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