SBI Student Account
In this article, we will discuss the offering of SBI for Minor applicants. In other words, we will be covering the SBI Student account opening procedure online. As an initiative to educate kids about saving money at a very young age, SBI launched two products under the name “Pehla Kadam” and “Pehli Udaan”.
These two products of SBI will not help children in learning the importance of saving money at a very early age. In addition, allows them to understand the buying power of money.
Most Importantly, this initiative aims to open saving bank accounts for minor applicants. It comes with all banking features like the Internet or Mobile banking which would help in familiarizing kids with the different channels of banking. Above all, it will teach the concept of personal finance at a young age. Therefore, this concept will not only help them in later life but also make them more responsible while spending the money over saving.
Pehla Kadam vs Pehli Udaan
Now let’s focus on the features of a Minor saving bank account for Student Category:
|Features||Pehla Kadam||Pehli Udaan|
|Monthly Balance Maintenance Requirement||No||No|
|Eligibility||Minor of any age. As account will be open jointly with parents/guardians.||Minor above the age of 10 years who can sign uniformly.|
|Mode of Operation||Jointly with parents/ Singly by parents||Minor can operate single-handedly.|
|Transaction limit at ATM/POS||Rs.5000/- per day||Rs.5000/-per day|
|Maximum balance allowed in the account.||Rs.10lac||Rs.10lac|
|Cheque book Issuance||Personalized cheque book of 10 leaves free in FY. Will be issued in the name of the guardian.||Personalized cheque book of 10 leaves free in FY. Will be issued in the name of Minor only.|
|Internet/Mobile Banking||Available with viewing rights and limited transaction rights.||Available with viewing rights and limited transaction rights.|
|The transaction limit for INB/MB||Rs.2000 per day||Rs.2000 per day|
|ATM cum Debit Card||Personalized debit card with child photo||Personalized debit card with child photo|
Documents Required to Open an Account
To open both accounts, SBI requires these KYC documents:
Date of birth proof of Minor plus the KYC documents of Parents.
Photo ID Proof of the Parent/ Guardian: PAN, Aadhar Card, Voter ID, Passport.
Address Proof of the Parent/Guardian: Driving License, Voter ID, Passport, NREGA Card, Ration Card.
Procedure to Open SBI Student Account Online
Time needed: 1 minute.
Here are the steps to the SBI student account opening process
- Visit the SBI website and click on Apply Now
You can click on this URL: https://www.sbiyono.sbi/wps/portal/accountopening/digital-account#!/aoCustomerOpenOVD
- Provide details for OTP Verification
Firstly enter your mobile number, email address. Further, click on submit button.
- Verify the OTP on the Mobile/Email address
Secondly, Key the OTP received separately on Mobile Number and Email address. After that, click on submit button.
- Provide FATCA/CRS Declaration
Secondly, tick the box to indemnify tax liability in India. Subsequently, enter your PAN followed by acceptance of their terms and conditions. Further, click on the Next button:
- Provide Identity and Address Proof Details
So what are we waiting for now! choose your proof of identity from the dropdown. In addition, fill in the details accordingly. After that, click on the Next button.
- Enter Personal Details
Moreover, punch your personal details like your name, DOB, Gender, City/Country of birth, Citizenship, etc. Consequently, click on the Next Button.
- Create Internet Banking Username and Password
Consequently, create a unique username for your net banking account with a combination of alphabets and numbers only. Most importantly, choose a strong password and reconfirm the same. After that, you will get a successful generation of User ID messages that will be assigned post your account opening.
- Enter Current Address Details
In addition, punch your address details where you’re residing currently. Further, click on the Next button.
- Upload your Photograph
After that upload your photo or take a picture with your webcam. Further, click on the Next button.
- Key Additional Details
Firstly, enter your additional details of Father, Mother, Occupation: Choose Others as Student, etc. Subsequently, click on the Next button.
- Enter Qualification & Religion Details
Meanwhile, select your qualification as you’re minor either SSC/HSC. In addition, choose your religion as per your faith. Further, click on the Next button.
- Provide Nominee details
Likewise, as shown in the below snapshot, you can furnish the nominee details whom you want to nominate. Further, click on next.
- Selection of Internet Banking Rights
That is to say, you’re opening a Minor account hence this option will be greyed out for you as only view and restricted transaction rights will be available. After that, move on to the next button.
- Choose your personalized Kit details
After, Card Variant will be pre-filled for you as the transaction limit is applicable. However, select the card type and name you want it to print on it. Further, click on the Next button.
- Accept the terms and Conditions
Most importantly, SBI expects you to read their terms and condition before proceeding to the next step. Therefore, tick the box and click next.
- OTP Verification
This is the last step of completing the online procedure. Subsequently, enter the OTP received on your mobile number and click on submit button. Consequently, you will receive one reference number for this application. Hence, you can visit the nearest SBI Branch in your city for the final KYC Validation.
To sum up, after having completed the application you still have to visit the SBI nearest branch for KYC validation. Certainly, there is no 100% digital procedure to open SBI Minor account purely online.
Conversion of Minor to Major Account
You can visit your nearby SBI Branch with your KYC documents like Age Proof, Aadhar Card, and Address Proof. In addition, an application for account conversion addressing the branch manager should also be attached.
After that, KYC Validation will happen at the branch end. As a result, the minor account gets converted into the Major saving account.
Hope you like this article, please do let me know if still you have queries regarding the SBI student account opening procedure. However, if you think we missed something which may be required please do let us know. Above all, I would love to hear feedback from our audience.
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As per current guidelines, Minor below the age of 15 years or having a joint account are not eligible to use the UPI facility.
Certainly, the interest rate will be the same as other saving bank account in SBI. Currently, it’s 2.70% pa.