Kids Advantage Account
Teach your child the value of money! A great way to accumulate savings for their future while teaching them to manage money.
Apply now for an HDFC Bank Kids Advantage Account.
- ATM/International Debit Card issued to children between 7-18 years of age, in the child’s name, with your permission.
- ATM withdrawal limit: Rs. 2,500
- Daily shopping limit: Rs. 10,000
- Free Education Insurance cover of Rs. 1,00,000*
- Monitor your child’s account with free quarterly statements and free Email alerts on account transactions
* Conditions Apply
Build an investment pool by transferring Rs 1000 every month for a minimum of 1 year (mandatory) to the Kid’s Advantage Account. You also have the option to invest in:
Choose to invest your savings in a Fixed Deposit, in your child's name, if you sign up for our "MoneyMaximizer" (sweep-out) facility.
Average Monthly Balance Calculator
Click here to calculate the Average Monthly Balance (AMB) required to be maintained in your account.
What are the features and benefits of a Kid's Advantage account?
You will get some exclusive features and benefits with your HDFC Bank Kids Advantage Account
- Free Education Insurance cover of Rs.1,00,000/- in the event of death of the parent/ guardian through vehicular accident by road, rail or air to safeguard the future of the child
- ATM/International Debit Card will be issued for children between 7-18 years of age in your child's name with your permission. Your child can withdraw Rs. 2,500 at ATMs and spend Rs. 10,000 at merchant locations per day.
- Free cash withdrawals on any other Bank's ATM*
- 1 free PAPPayable at par cheques. These cheques can be encashed anywhere in India, irrespective of the city they were issued in. cheque book for your child at the time of account opening.
- Free e-mail statements / passbook facility for all account holders (individuals)
- Free NetBanking for you to monitor your child's account.
- Bank conveniently with facilities like NetBanking, Phonebanking and MobileBanking – check your account balance, pay utility bills or stop cheque payments all via SMS.
For their Secured Future
- Standing Instruction to transfer any amount from your account to your Kid's Advantage account every month (Minimum value Rs. 1,000 & Minimum tenure 1 year) (Mandatory).
- Once the balance in the Kid's Advantage Account reaches/exceeds Rs. 35,000, the amount in excess of Rs. 25,000 will automatically be transferred to a Fixed Deposit for 1 year and 1 day, in your child's name, if you sign for our "MoneyMaximizer" (sweep-out) facility.
What's more, all the above facilities come absolutely FREE.
What are the eligibility criteria to open a Kid's Advantage account?
Get details on eligibility criteria & documents required for HDFC Bank Kids Advantage Account
Kid’s Advantage Account can be opened for your child as long as your child is a minor (up to 18 years of age) and you have a Savings Account with HDFC Bank.
If you do not have a savings account with HDFC Bank then you will need to open one, before you open a Kid’s Advantage account. Click here to open an HDFC Bank Savings Account.
How do I open a Kid's Advantage account?
To open a Kid’s Advantage account you have to follow certain criteria:
- Maintain a minimum Average Monthly Balance requirement of Rs. 5,000/-, If the balance is not maintained, the following service charges will be levied:
|AMB Slabs (in Rs.)||Service Charges in case of Non-maintenance of AMB*|
|>=2,500 - < 5,000||Rs. 150/-|
|0 to < 2,500||Rs. 300/-|
What are the fees and charges of Kid's Advantage Account ?
Enclosed below are HDFC Bank Kids Advantage Account fees and charges
There are certain fees and charges to a Kid’s Advantage account depending on your requirement:
Click here to view charges applicable effective 1st September 2013
*at home branch for account holders (individuals)
Note : Service/Transaction charges will be applied in the current month based on the AMB maintianed in the account in the previous month
Service/Transaction charges based on non - maintainence of AMB (as specified above) do not apply to Preferred , Corporate Salary & SuperSaver customers
The PhoneBanking charges will apply on transaction that are available on the IVRInteractive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and keypad inputs. but are done through the PhoneBanking Executive
All fees and charges, mentioned in the Tariff of charges, will attract Service Tax @14% (w.e.f 1st June 2015) and Swachh Bharat Cess (SBC) @ 0.5% (w.e f. November 15, 2015)
Is the primary Customer ID of the Kids Advantage account will be same as my Customer ID?
The primary Customer ID issued under your kids name for the Kid's Advantage account will be different from your Customer ID.
You should use the primary customer ID to open the email statement you receive for your Kid's Advantage account.
Do I need to close my account when my kid attains majority?
No, the existing account can be converted to a regular savings account.
To convert the account the following will be required:
- AML section on the SB Regular AOF should be updated for the minor turned major
- Customers will also fill up the Kid’s Advantage account conversion form
- Identity Proof
- Address proof
- Proof of becoming major like Birth certificate, Passport etc
How long the Standing Instruction given will be valid?
Please note that Standing Instruction to transfer any amount from your account to your Kid's Advantage account every month is a mandatory requirement for this account and is valid for a minimum tenure of 1 year. Post the same you need to submit a fresh request at nearest HDFC Bank branch to continue the standing instructions.
What is the time taken to realize outstation cheques?
The indicative time taken for the realization of outstation cheques is given below:
- Cheques drawn where HDFC Bank has a branch, credit will be given on receipt of clear funds in:
- Main metro locations (Mumbai, Chennai, Kolkata, New Delhi): 7 working days
- Metro centers and state capitals (other than those of North Eastern states and Sikkim): Maximum period of 10 working days.
- In all other centres where we have branches: maximum period of 14 working days.
- Cheques drawn on non-branch locations where we have a tie-up with correspondent banks, credit will be given on receipt of clear funds: Within a maximum period of 14 working days
- Cheques drawn on non-branch locations where we do not have a tie-up with correspondent banks, credit will be given on receipt of clear funds: Within a maximum period of 14 working days
How can you transfer your Savings Account from one branch to another?
Following is the process to be followed to transfer your account from one branch to another:
- An account transfer form, signed by all applicants, given at any of our branches. We recommend that you submit the form at the branch that you want your account transferred to.
- There will be no change in your account number. You can continue to use your existing chequebook, debit card etc