Plan For Your Child's Future with AU Minor Account

You want your child to achieve great things in life? But building a bright future for them will require you to start planning your finances today. With the rising cost of education and living, it is now essential for parents to start saving for their child's future at the earliest.

Opening a Kids Savings Account can be a great start to this endeavour. Here are some of the most important things you should know about these accounts-

• Higher Interest Rates

You can earn high interest by opening an AU Kids Savings Account. Higher interest rates can significantly benefit your savings in the long run.

• Recurring Fund Transfer Facility

The account can be linked to a Recurring Fund Transfer Facility to ensure that a fixed amount is deposited into the kids account at regular intervals. 

• Zero Balance Account

AU Small Finance Bank offers a zero balance Kids Savings Account, so parents don't have to worry about non-maintenance charges. 

• Customized Limits

Parents can customise the limits of the AU Minor Savings Account and allow their kids to use the account. 

• Accessible 24/7

The AU Kids Savings Account is accessible 24*7 through the AU 0101 App, Net Banking and Phone Banking. If you want to place any other banking requests, you can do it through our AU Video Banking facility.

• A Feature-rich Debit Card

For children above 10 years of age, AU Small Finance Bank offers a VISA Debit Card, which provides 100+ offers and discounts on top brands.

An AU Kids Savings Account can be opened by children below the age of 18 years. Parents need to fill out an online form to open a Children Bank Account online on behalf of their kids. Once the form is submitted, an AU Small Finance Bank representative will get in touch with you to get the process started.

AU Small Finance Bank also offers AU Video Banking facility wherein existing & non-AU Small Finance Bank customers can connect at anytime & interact with our representative over a video call to open a Kids Savings Account online. It is quick, convenient & a secure digital banking option.

Alternatively, parents can take their kids to their nearest bank branch with all the relevant documents for opening the account offline.  

• Introduce Kids to Finance and Saving.

A Kids Saving Account is an excellent way for parents to introduce their kids to the concept of finance and saving. It helps children understand the banking system and how disciplined saving is essential for achieving financial objectives.

• Make Your Child More Confident.

Finance plays a vital role in our lives. Financial literacy and familiarisation with banking procedures at a young age will instil confidence in the children. And parents can always set limits on the account to ensure that their child uses the account responsibly. 

• Build a Sizable Corpus for Your Child.

Recurring Fund Transfers help parents build a sizable corpus for their child's future. Regular deposits to the account and the generated interest can significantly contribute to objectives like a child's education, marriage, and much more. 

Under Section 10 (32) of the IT Act, interest income from a Kids Saving Account is tax-exempt for parents up to Rs.1,500 per child (maximum two minors) in a financial year. Beyond this limit, the interest from the children's Saving Account is added to the gross income of the parents and taxed as per their tax slab. 

With features like higher Interest Rates, Monthly Interest Payouts, Video Banking, and much more, AU Small Finance Bank can be an excellent choice for a Kids Savings Account. Visit AU Kids Savings Account to learn more about the features and benefits offered by us.

*T&C Apply.