| How to Open a Kids Advantage Account |
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Open a Savings Account with HDFC Bank (If you already have a savings account with us, you need not open a new account). |
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Invest a minimum sum of Rs. 10,000/-
in the name of your child as a Fixed Deposit with a minimum term period
of 6 months and 1 day. A new Kids Advantage Account that links to this
Fixed
Deposit will be opened up in your child's name. |
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Instruct the bank to transfer a standard amount (min. Rs. 500/-) from your Savings Account every month to your child's Kids Advantage Account. |
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Over a period, when the balance in the Kid's Advantage Account exceeds Rs.10,000/-, the amount in excess of Rs.5,000 will be transferred into a new Fixed Deposit, for a specific period in your child's name. |
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If the balance in your child's Fixed Deposit falls below Rs. 10,000/- service charges will apply. |
