IndusInd Bank minor account is a customised savings account to help minors learn financial management skills early on. Children between 12 and 18 years old are eligible for this minor account, the Young Saver Account in IndusInd Bank. The account also lets you earn interest on maintaining a certain balance.
The IndusInd Bank minor account opening online is a straightforward process. On approval, you can get it activated within a few business days. Minimal documentation, online banking, debit card facility, etc. are some of the best features to open this minor account in IndusInd Bank. Let’s explore the details in the blog.
Overview of IndusInd Bank Minor Account
A minor account is a type of basic savings bank deposit account opened in the name of a minor. A parent or guardian manages the account until the child reaches the legal age of adulthood.
IndusInd Bank minor account is also a specially designed savings account for minors. It aims to instil financial discipline and management skills in children. They can save money and develop a habit of saving from an early age. IndusInd Bank minor to major form allows them to easily convert the account into a regular savings account.
| IndusInd Bank Minor Account | |
| Other Name | IndusInd Bank Young Saver Account |
| Age Eligibility | Children aged 12 to 18 years |
| Facilities Offered | – Debit Card – Cheque Book Access – Online Banking |
Features of Minor Account in IndusIns Bank
IndusInd Bank minor account is equipped with a wide range of features that offer multiple benefits to minors. The account provides resources and tools that educate minors about financial concepts, helping them learn the importance of saving and investment. Check out the features below-
- Customised Debit Card- The account provides minors with a VISA Gold Debit Card. This can be used to make withdrawals and purchases. The IndusInd Bank minor Account debit card allows for withdrawals up to INR 50,000.
- ATM Withdrawal Limits- The debit card allows for ATM withdrawals up to INR 50,000, giving minors access to cash while teaching them about limits and responsible cash management.
- Cheque Book- Minors receive a customized chequebook. This provides them with a convenient method for offline payments and understand the process of managing transactions beyond digital payments.
- Annual Reward Points- The account offers INR 1,000 worth of annual reward points based on monthly spending of INR 35,000, encouraging responsible spending habits.
- Point-of-Sale (POS) Transaction Limits- Minors can use their debit cards for purchases at retail outlets with a POS limit of INR 1,00,000, facilitating practical experience in managing day-to-day expenses.
- No Minimum Balance Requirement- The Young Saver Account does not require maintaining a minimum balance. This makes it accessible for all families without the pressure of fees associated with low balances.
- Higher Interest Rates- The IndusInd Bank Minor account offers competitive interest rates on savings above INR 10,000, providing an incentive for children to save more and understand the benefits of earning interest on their deposits.
Also Read: Looking for a safe money transfer? Check here all about IndusInd Bank International money transfer.
Eligibility Criteria to Open IndusInd Minor Account
The IndusInd Bank Young Saver Account is specifically designed for minors, allowing them to manage their finances with parental guidance. Here are the eligibility criteria for opening this account-
- The account can be opened in the minor’s name if the child is 10 years or older.
- For children under 10 years, the account must be opened as an “Under Guardian” account, where a parent or guardian operates the account on behalf of the minor.
- For minors aged 10 and above, they can independently manage their accounts with parental oversight.
- The applicant must be an Indian citizen.
- An initial deposit of INR 1,000 is required to open the Young Saver Account.
Documents Required
To open an IndusInd Bank Young Saver Account for minors, certain documentation is required to ensure compliance with banking regulations. This is to verify the identities of both the minor and the guardian. Below is a detailed overview of the necessary documents required to open an IndusInd Bank minor account-
| Type of Documents | Documents Required for Minors | Documents Required for Parent/ Guardian |
| Photographs | Recent passport-sized photograph | Recent passport-sized photograph |
| Identity Proof | – Adhaar Card – Birth Certificate | – PAN Card – Voter ID – Passport – Driving License |
| Address Proof | N/A | – Utility Bills – Rental Agreement |
| Form | Account Opening Form- A completed application form that includes details about both the minor and the guardian is required. | Declaration Form- The parent/ guardian must confirm the relationship with the minor and authorizing account operations. |
Fees and Charges
The IndusInd Bank Young Saver Account for minors comes with a range of nominal and transparent charges. This ensures that parents and guardians are fully informed about the costs associated with managing their child’s savings account. Below is an overview of the key fees applicable to the IndusInd Bank minor account-
| Fee Component | Charge |
| Cash Withdrawals (First 4/month) | Free |
| Cash Withdrawals (Subsequent) | INR 50 per transaction |
| Non-Cash Transactions at Bank’s ATMs | Free |
| Cash Withdrawals at Other Bank ATMs | INR 21 per transaction |
| Cash Withdrawals at Other Bank ATMs (International) | INR 125 per transaction |
| Issuance/Renewal/Re-issuance of Debit Card | INR 249 |
| Issuance of Duplicate PIN | INR 20 |
| Demand Draft Cancellation | INR 100 per instrument |
| Demand Draft Revalidation | INR 100 per instrument |
| Account Closure within 6 months | INR 500 |
| Issuance of Duplicate Passbook | Free |
| RTGS/NEFT Transactions | Free |
| ATM Transaction Decline (Insufficient Balance) | INR 20 per transaction |
Also Read: Check here all the details on IndusInd Bank education loan interest rate. Check the factors affecting the rate, calculation method, etc.
IndusInd Bank Minor Account Opening Online
Opening an IndusInd Bank Young Saver Account online is a straightforward process. You need to visit IndusInd Bank’s official website and navigate to the ‘Accounts & Deposits’ section. Now click on ‘Open a Savings Account’. Make sure to
- Fill out the application form with the minor’s details, including their name, date of birth, and other required information.
- Upload scanned copies of necessary documents.
- Enter details of the parent or guardian who will operate the account.
- Complete any required verification processes, such as OTP (One-Time Password) verification sent to the registered mobile number.
- After submission, the application will be processed by IndusInd Bank. Typically, this process takes about 3 working days.
- Upon successful processing, login credentials for Internet banking will be sent via email or SMS to the parent or guardian.
Alternatively, you can visit the nearest bank branch and fill out the account opening form. All these ways of opening zero balance accounts online for minors make it a hassle-free process.
IndusInd Bank Minor to Major Form
To transition from a minor to a major account, you will need to complete the IndusInd Bank minor to major form. This process is essential when the minor reaches the age of 18, allowing them to take full control of their account.
To initiate the conversion, visit your nearest IndusInd Bank branch with the necessary documents. Fill out the minor to major form and submit it along with your identification and address proof. Here’s the list of documents required when submitting IndusInd Bank minor to major form-
- Proof of identity (Aadhaar card, passport, etc.)
- Address proof (utility bill, bank statement, etc.).
- Completed minor to major conversion form provided by IndusInd Bank
An in-person verification may be required as part of the process to ensure compliance with banking regulations. Once converted, the account will retain its features but will be fully operated by the individual without parental oversight.
This was all about the IndusInd Bank minor account. For specific queries or assistance regarding the conversion process, customers can contact IndusInd Bank’s customer service or visit their official website for more information.
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FAQs
Yes, the IndusInd Bank Young Saver Account is a savings account designed for minors. It aims to encourage saving habits and teach children how to manage money wisely.
To open an IndusInd Bank minor account, a guardian must assist. Visit your nearest IndusInd Bank branch for detailed guidance on the process.
If the minor is aged 10 or older, they can open the account independently or as an “Under Guardian” account, where the parent operates it.
The account provides a customized debit card for withdrawals and online shopping, along with a personalized chequebook for offline payments.
Yes, certain fees may apply to the IndusInd Bank minor account, which will be disclosed upfront by the bank.
Parents can open this savings account for children aged 10 years and above.
The IndusInd Bank Young Saver Account does not have a minimum balance requirement, allowing children to save without pressure.
Yes, you can initiate the IndusInd Bank minor account opening online by visiting their website and following the application process.
When the minor turns 18, their account automatically converts into a regular savings account, allowing continued access to banking services.
To convert an IndusInd Bank minor to a major form, visit your nearest branch with the necessary documents like ID proof and age verification for processing.
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