Exclusive Privileges for Kids Savings Account Online - Kotak Bank

Exclusive Privileges for Kids Savings Account Online - Kotak Bank

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Savings Account - Junior - The Savings Account for Kids - Kotak Mahindra Bank

Frequently Asked Questions

Which savings account is best for a child?

The Kotak Mahindra Bank Junior Savings Account is best for a child as it is specifically designed to teach your children the benefits of saving, while also providing a host of privileges across dining, edutainment and shopping on kids’ brands.

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Can I open a savings account for my child?

Yes, you can open a child savings account for your children. Age of the child should be below 18 years(Minor) and he/she should be a resident whereas guardian can be resident or NRI.

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How do I open a kids account?

You can open your kids bank account with the following documents:

1) Identity Proof - Driving License, Passport, Voter's ID, Aadhaar Card
2) Address Proof - Passport, Driving License, Voter's ID, Aadhaar Card, Utility Bill, Bank Statement, Bank Account Passbook (Updated and no more than 3 months old)
3) Signature Proof - PAN Card, Driving License, Passport
4) Minor Proof - Birth certificate or Aadhaar Card
5) Please carry the original documents for verification and self-attested copies for submission.
6) Pan card / Form 60 will still be a mandatory document for opening savings Account.

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Can a 1 year old have a savings account?

Yes, a 1 year old child can have a minor savings account. This account needs to be operated jointly by the guardians / parents until the child is 18 years old.

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How many savings account can a child have?

A child can open only one Junior Savings Account

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What is the minimum balance in kids account?

NMC waiver is available on bundled offering applicable only for Kotak Junior proposition as long as the Recurring Deposit or Systematic Investment Plan (SIP) is active, else Average Monthly Balance (AMB) basis account variant need to be maintained to avoid charges of non-maintenance of AMB.

The waiver will not be applicable in case of failure in execution of the SI set towards RD/ SIP, due to insufficient funds in the Junior Account

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What is the limit of minor account?

The Junior Savings Account Debit card limit is Rs.5000 for POS and ATM for juniors who are above 10 years of age

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What are the rules for a minor bank account?

To apply for Kotak Mahindra Junior Savings Account, the child should fulfill below criteria:

Age of the child should be below 18 years(Minor)
Minor should be resident
Guardian can be resident or NRI

Click here to know the eligibility for kids savings account

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What are the exclusive benefits of Junior Savings Account?

Personalized Debit card, exclusive offers and discounts on dining, edudainment, and shooping, access to extraordinary workshops and events, RD/SIP based annual maintenance charge waiver and a cheque book are some of the exclusive benefits of Junior Savings Account

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What is the minimum Average Monthly Balance (AMB) requirement for a Junior Savings Account?

The minimum Average Montly Balance requirement of the Junior Savings Account will be applicable as per Savings Account Variant

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