Zero balance savings accounts for kids: More Indian banks are now making special savings accounts for children. These accounts are meant to help kids learn how to save money early. Parents can put pocket money, gift money, or prize money into these accounts. Many of them also come with debit cards, spending controls, and mobile banking, so children can learn banking in a safe way.
Kotak My Junior Account
Kotak Mahindra Bank’s Junior Account is made for children below 18 years. The bank says the child must be a resident, while the guardian can be a resident or an NRI. The account has no minimum balance rule, and it gives a personalised debit card for the child. Kotak says the daily withdrawal limit on the debit card is ₹5,000. The bank also says the account earns 2.50% interest, and this rate is set to apply from 1st Dec’25.
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Kotak also gives special kid offers with names that sound fun and simple. These are “Junior Foodie”, “Junior Day Out”, “Junior Shopper”, “Junior Learner” and “Junior Angel”. The bank says these are part of the junior savings account package and are meant to give extra discounts and privileges for children’s brands, dining, edutainment, and shopping.
Bank of Baroda Baroda Champ Account
Bank of Baroda’s Baroda Champ Account is for minors from 0 to 18 years. The bank says there is no minimum balance requirement. It also gives a theme-based RuPay debit card, and internet banking and mobile banking can be used by applicants who are 10 years and above. The bank’s page also says the account is only for resident individuals.
The account also tries to make school payments easier. The bank says there are no charges on school fee payment, and one demand draft is free every month for fee payment, up to a maximum amount of ₹1 lakh. A separate report from Mint says the account’s maximum balance is ₹1 lakh and that the interest rate is 2.5% per annum for the balance slabs it mentions.
Indus Young Saver Savings Account
IndusInd Bank’s Young Saver Account is made for children above 10 years of age. The account can be opened by the child alone if they are 10 or older, or as an “Under Guardian” account where the parent runs it. The bank says it gives a customised debit card for cash withdrawal and online shopping, plus a personalised cheque book for offline payments. It also says charges may apply, and those charges are shared upfront.
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The bank’s savings-rate page shows that its savings accounts earn up to 4% p.a., and its regular savings rate table shows 2.50% p.a. for balances up to ₹1 lakh. Since the Young Saver is a savings account product, that rate framework is part of the bank’s current savings setup.
HDFC Kid’s Advantage Account
HDFC Bank’s Kid’s Advantage Account is for minors up to 18 years of age. The bank says the parent or legal guardian must already have a savings account with HDFC Bank before opening this one. The account comes with a personalised cheque book and debit card with parental controls. Parents can set daily spending limits and track transactions.
It also has a few nice extras. HDFC says it offers free education insurance cover of ₹1 lakh if the parent or guardian dies in a road, rail, or air accident. The bank also gives SMS and email alerts, free monthly statements, free cash withdrawal and balance enquiry at HDFC ATMs, and net banking, phone banking, and mobile banking for balance checks and bill payments. The child can withdraw ₹2,500 at ATMs and ₹10,000 at merchant locations per day.
IDBI Bank Advantage Kids Account
IDBI Bank’s Advantage Kids Account is built to help children save money in a simple way. The bank says it is like a piggy bank that keeps money safe, gives interest, allows withdrawals when needed, and teaches children how to use money better. It is meant for kids and young savers who get money from parents or guardians and want to learn basic money habits early.
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The features are quite clear. IDBI says the account needs a minimum average balance of ₹5,000. It also gives an exclusive kids ATM card, withdrawal limits of up to ₹5,000 at ATM or POS, a personalised cheque book, free monthly statements by mail on request, a free passbook, demand drafts and pay orders on request, and five free ATM transactions at other bank ATMs in non-metro locations. IDBI’s savings-rate page shows 2.50% p.a. for balances up to ₹1 lakh, which matches the account’s savings structure.
