Minor savings account is a savings variant for children aged between 10 years to 17 years & 9 months. Minor account is named “Bhavishya” savings account.

At max, only 3 minors are allowed to open a minor savings account under each parent.

The minor savings account can be opened through E-KYC mode only.

Upon minors turning major, the customer has to do a Re-KYC and can choose their preferred Savings Account. If not chosen, the account will automatically change to a 'Shubh Savings Account'. 

Yes, DBT facility can be availed through a minor savings account. Minors can get scholarships in their Bhavishya savings account.

PAN card / Form 60, Aadhar card and a valid mobile number are mandatory requirements to open a minor savings account.

Yes, the parent’s mobile number must be different from the registered mobile number of the minor.

Yes, the parent has to give consent through OTP authentication to open a minor savings account.

Yes, the minor account comes with a debit card with no issuance or annual charges. Only ATM transactions are allowed.

Yes, in case of reissuance of debit card charges will be levied to the customer. Refer to the schedule of charges for more detail.

The overall limit for deposit is to remain ₹50,000 and no sweep facility will be provided for a minor savings account.

The minor will have view only rights from FinoPay Application.

The minor can open an account only if the bio authentication is updated in the UIDAI base.