Kids Savings Account

A Kids Savings Account is an account designed to introduce kids to the world of finance and saving from an early age. It provides a safe and structured way for parents/guardians to accumulate funds for future needs or special occasions. These accounts serve as a stepping stone towards the financial independence of the kids and a solid foundation for their future financial well-being.

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What is a Kids Savings Account?

A kids savings account is a type of savings account that is specifically designed for children. It is typically opened by a parent or guardian on behalf of the child, and the child can become the primary account holder once they reach a certain age, such as 18.

A children's savings account stands apart from a standard savings account, providing a range of benefits* including:

  • Exemption from monthly account fees

  • Minimal to zero initial deposit requirements

  • Access to online educational resources designed to enhance a child's financial literacy

  • User-friendly mobile applications for convenient account monitoring.

Opening a kids savings account is a great way to teach children about the importance of saving money and to help them reach their financial goals in the future.
*These benefits may vary from back to bank 

What are the Features of a Children’s Savings Account?

The features of a kid’s savings account can vary depending on the bank or credit union, but some common features include:

  • Higher interest rates: Children's savings accounts often offer higher interest rates than regular savings accounts, which can help children grow their savings faster.

  • Lower fees: Many kid’s savings accounts have no monthly fees or minimum balance requirements.

  • Fun features: Children's savings accounts come with fun features, such as debit cards with kid-friendly designs and online banking platforms with interactive games and activities.

  • Automatic transfers: You can set up automatic transfers from your own checking or savings account to your child's account on a regular basis.

  • Parental controls: Some banks offer parental controls that allow you to limit your child's spending and withdrawals.

  • Savings goals: Few banks allow you to set up savings goals for your child, such as for college or a down payment on a house.

  • Family banking: Banks offer family banking features that allow you to link your child's account to your own account. This can make it easier to manage your child's finances and transfer money between accounts.

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What are the Documents Required to Open a Kids Savings Account?

Documents required to open a kids savings account may vary depending on the bank, but some common documents include:

  • Proof of identity for the child: This could be a birth certificate, passport, or aadhar card.

  • Proof of identity for the parent or guardian: This could be a driver's license, passport, or state ID card.

  • Proof of address: This could be a utility bill, bank statement, or lease agreement.

  • Social Security number for the child: This is required for tax purposes.

  • Some banks may also require additional documents, such as a completed application form and a signature card.

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What is the Minimum Age to Open a Children’s Savings Account?

In India, the minimum age to open a kid’s savings account is usually 0 years old. This means that parents or legal guardians can open a savings account for their child from the time they are born. The account will be operated by the parent or guardian until the child becomes 10 years old or older, depending on the bank's policies.

Once the child reaches the designated age, they may be given limited access to the account, and eventually full control when they reach the age of majority, which is 18 years old in India.

What are the Fees and Charges for a Kids Savings Account?

Some common fees and charges are:

  • Monthly maintenance fee: Some banks charge a monthly maintenance fee for kids savings accounts, even if the account has a minimum balance.

  • Minimum balance requirement: Many banks have a minimum balance requirement for kids savings accounts. If the account balance falls below the minimum requirement, the bank may charge a fee.

  • Transaction fees: Few banks charge fees for transactions, such as cash withdrawals and ATM withdrawals.

  • Debit card fees: Many banks charge a fee for using a debit card.

  • Overdraft fees: Overdraft fees are charged when you withdraw more money from your account than you have available.

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What Interest Rate Can You Get on a Children’s Savings Account?

Most banks offer interest rates between 3% and 5% on children's savings accounts.

Here are interest rates offered on kid’s savings accounts by some of the leading banks in India:

Bank  Interest Rates 
HDFC Bank 3.50%
ICICI Bank 3.00%
Kotak Mahindra Bank 3.50%
SBI Bank 2.70%
Axis Bank 3.00%

Note: It is important to note that these interest rates are subject to change at any time. It is always best to check with the bank to get the most up-to-date information on interest rates

People also read: Sukanya Samriddhi Yojana

What Happens to a Kid’s Savings Account When the Child Reaches Age 18?

When a child with a savings account in India reaches the age of 18, the account typically transitions into a regular savings account. The child gains full control and can operate the account independently. They can manage the account without parental consent or supervision. It's advisable for the child to update their KYC details if necessary, ensuring all documents are in their own name.

It's important to note that the specific process for transitioning a child's savings account into a regular account at age 18 may vary from bank to bank. Each financial institution may have its own policies and procedures in place for this transition. It's recommended to check with the respective bank for the exact steps and requirements involved in this process.

Why Should You Open a Children’s Savings Account?

Opening a kid’s savings account offers benefits like:

  • Financial Education: It helps instill financial discipline and educates children about savings, spending, and basic financial concepts from a young age.

  • Long-term Savings: Provides a platform for long-term savings and investment, allowing the child's money to grow over time.

  • Safekeeping of Money: Keeps the child's money secure in a bank, reducing the risk of loss or theft compared to keeping cash at home.

  • Interest Earnings: Allows the child to earn interest on their savings, helping the money grow over time.

  • Emergency Fund: Offers a foundation for building an emergency fund, teaching the child the importance of setting money aside for unexpected expenses.

  • Financial Independence: Once the child reaches the age of majority, they gain control over the account, promoting financial independence and responsibility.

  • Transferring Financial Skills: Helps parents or guardians teach their child about responsible money management, budgeting, and making informed financial decisions.

  • Potential for Special Benefits: Some children's savings accounts offer perks like no monthly fees, higher interest rates, or educational tools to further enhance the child's financial knowledge.


Kids Savings Accounts are vital tools in instilling financial responsibility from an early age. They offer benefits like low fees and educational resources. As children come of age, the transition to independent account management is significant. It's important to note that offerings and procedures may vary by bank. Ultimately, these accounts lay a strong foundation for a child's financial future.

People also read: Sukanya Samriddhi Yojana Calculator


  • Is it compulsory to change a child's savings account to a standard savings account after a specific duration?

    Once a child turns 18, their savings account designated for children must be converted into a standard savings account.
  • Which bank is best for kids savings accounts in india?

    There is no one definitive answer to this question, as the best bank for a kids savings account will depend on your individual needs and preferences. However, some of the most popular banks for kids savings accounts in India include:
    • HDFC Bank

    • ICICI Bank

    • SBI

    • Kotak Mahindra Bank

    • Axis Bank

    • IDFC First Bank

    These banks offer a variety of kids savings accounts with different features and benefits, such as high interest rates, low fees, and educational resources.

  • Can a child open a savings account?

    No, a child cannot open a savings account on their own in India. A parent or guardian must open the account on their behalf and be a joint account holder until the child reaches the age of majority, which is 18.
  • What is the minimum balance for children’s bank accounts in india?

    The minimum balance requirement for a children's savings account in India varies depending on the bank. However, most banks have a minimum balance requirement of Rs. 500 or less.
  • Can I use my children's savings account money for my child's education? 

    Yes, you can use the funds from your Children's Savings Account to contribute towards your child's education expenses. These accounts are designed to help parents save for their child's future needs, including educational expenses. 

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^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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