An AU Small Finance Bank minor account is a savings account designed specifically for children under the age of 18. It allows parents or guardians to jointly manage the account, with the child learning how to manage their finances responsibly. The account offers benefits like a debit card with a limited spending limit and access to basic banking features, helping the child securely develop financial habits.
AU Small Finance Bank typically offers two types of minor savings accounts. One is for children under 10, which requires a joint account with a guardian. Another type is for children aged 10–18, which allows them to operate the account independently. Explore more about the AU Small Finance Bank Minor Account and essential things to know before opening the account.
Table of contents
- What is an AU Small Finance Bank Minor Account?
- Features of AU Small Finance Bank’s Kids Savings Account
- Benefits of Opening an AU Small Finance Bank Minor Account for Your Children
- Eligibility Criteria for AU Small Finance Minor’s Account
- Documents Required to Open Minor’s Account in AU Small Finance Bank
- Step-by-Step Guide to Opening an AU Small Finance Bank Minor Account
- Fees and Charges of AU Small Finance Minor’s Account
- Why Choose an AU Small Finance Bank for Your Child’s Savings Account?
- FAQs
What is an AU Small Finance Bank Minor Account?
An AU Small Finance Bank minor account is a savings account designed for children, typically for those under 18 years of age. It helps teach financial management at a young age and allows parents or guardians to monitor the account. This best student bank account offers features like a debit card, educational resources, and easy banking access.
Here are key details on the AU Small Finance Bank minor account:
| Feature | Details |
| Maximum Savings Limit | Varies based on account type and child’s age. |
| Minimum Balance | INR 500 |
| Eligibility | Available for children under the age of 18, typically with a guardian’s consent. |
| Documents Required | Child’s birth certificate, parent/guardian’s ID proof, address proof, and passport-sized photos. |
| How to Open | Visit the nearest branch, submit the required documents, and fill out the account opening form. |
Also Read: This blog provides you with a list of all the banks that offer Debit Cards for Students who are under 18. Read to find the most suitable option!
Features of AU Small Finance Bank’s Kids Savings Account
AU Small Finance Bank offers a specialized savings account for kids with multiple features designed to benefit both the children and the parents. These features include:
- High interest rates are provided. AU small finance bank gives up to 7.25%* p.a. on a kid’s savings account.
- INR 500 minimum balance is required. Ideal for parents who may want to start small or gradually increase their child’s savings.
- The account will be jointly held with a guardian, who can monitor transactions, set limits, and ensure safeguards to prevent overspending.
- A debit card is issued to the child, but with a lower spending limit than a regular account.
- Parents must have an account with the bank to easily transfer funds and set up standing instructions.
- Minors can access internet banking, but with limited functionality, helping them learn safe online transactions.
Benefits of Opening an AU Small Finance Bank Minor Account for Your Children
Opening a minor account in AU Small Finance Bank for your child is an excellent way to teach them about financial responsibility. AU Small Finance Bank offers a dedicated Minor Account that allows parents to secure a better financial future for their children. This account comes with several benefits that make it a great choice for young savers, which are listed below:
| Feature | Details |
| Exclusive Debit Card | Children above 10 years can avail of a VISA Gold Debit Card, which offers 1000+ discounts on top brands. |
| Convenient Banking Hours | With extended hours, you can visit AU Small Finance Bank branches until 5 pm for your banking needs. |
| Effortless Deposits | Deposit funds into your child’s account easily without the need for deposit slips, streamlining the process. |
| Comprehensive Insurance Coverage | Enjoy a variety of insurance benefits, including personal accident cover, card liability, and purchase protection. |
Eligibility Criteria for AU Small Finance Minor’s Account
AU Small Finance Bank offers a Kids Savings Account designed for minors under 18 years of age. These criteria ensure that the account is managed responsibly, providing financial literacy and savings opportunities for children. The eligibility criteria for opening this account are as follows:
- Age Requirement: The child must be below 18 years of age.
- Residency: The minor should be a resident of India.
- KYC Documentation: Valid government-issued KYC documents are required for both the minor and the parent or guardian. This includes proof of identity and address, such as an Aadhaar card, PAN card, passport, or voter ID.
- Account Operation: For minors below 10 years, the account must be operated jointly with a parent or legal guardian. Minors aged 10 and above may operate the account independently, subject to the bank’s terms and conditions.
Documents Required to Open Minor’s Account in AU Small Finance Bank
These documents ensure compliance with the bank’s Know Your Customer (KYC) norms and facilitate the smooth opening of the Minor’s Savings Account. To open a Minor’s Savings Account with AU Small Finance Bank, the following documents are typically required:
- Proof of Identity: Parent/guardian’s identity proof (Aadhaar card, passport, etc.)
- Proof of Address: Parent/guardian’s address proof
- Child’s Proof of Identity: Birth certificate or any government-approved document showing the child’s name.
- Photographs: Passport-sized photographs of the parent and child.
Step-by-Step Guide to Opening an AU Small Finance Bank Minor Account
Opening a minor account at AU Small Finance Bank is simple and can be done online or by visiting the nearest branch. Here’s a step-by-step guide to opening an AU Small Finance Bank Minor Account. Please have a look!
Step 1: Check Eligibility.
To open a minor account, the child should be under 18 years old, with a legal guardian or parent acting as the custodian.
Step 2: Get the required documents:
You’ll need the following documents:
- Proof of Identity: Parent/guardian’s identity proof (Aadhaar card, passport, etc.)
- Proof of Address: Parent/guardian’s address proof
- Child’s Proof of Identity: Birth certificate or any government-approved document showing the child’s name.
- Photographs: Passport-sized photographs of the parent and child.
Step 3: Opening the Account
- Visit your nearest AU Small Finance Bank branch to open a student account online.
- Fill out the account opening form, Provide personal details of the parent/guardian and child.
- Submit documents for verification.
- Make an initial deposit as per the bank’s requirements (usually minimal).
- Once the account is verified, the minor account will be activated.
After the documents are submitted and verified, your minor account will be activated, and your child will receive a passbook or debit card (depending on the account type).
Also Read: Read out this blog to know which is better- education loans from private banks or public banks?
Fees and Charges of AU Small Finance Minor’s Account
The AU Small Finance Minor’s Account offers several banking services with minimal charges. Cash deposits are free up to INR 5 Lakhs per month, while transactions like RTGS, IMPS, and NEFT have nominal fees starting from INR 2.5. Additional services, including cheque-related instructions, SMS alerts, and account statements, come with clearly defined charges.
Some other important fees and charges are:
| Category | Details |
| Cash Deposit (All Branches) | Free up to INR 5 Lakhs per month; beyond the limit, INR 4 per INR 1,000 (minimum INR 50). |
| RTGS & IMPS at Branch | INR 10 per transaction. |
| IMPS Online | Up to INR 10,000: INR 2.5; INR 10,000 to 1 Lakh: INR 5; Above 1 Lakh: INR 15. |
| NEFT at Branch | Up to INR 1 Lakh: INR 2 per transaction; Above INR 1 Lakh: INR 10 per transaction. |
| Cancellation/Revalidation of DD | INR 100 per instrument. |
Why Choose an AU Small Finance Bank for Your Child’s Savings Account?
Now, a common question is, why should you choose AU Small Finance Bank for your child’s savings account? The answer lies in the numerous benefits it offers Choosing an AU Small Finance bank account for students comes with many advantages. Let’s compare the key features of an AU Small Finance Bank Minor Account with other banks:
| Feature | AU Small Finance Bank Minor Account | Other Banks |
| Eligibility | Available for children below 18 years | Varies by bank |
| Interest Rate | Competitive interest rates on savings | Varies by bank |
| Debit Card Access | Available for children above 10 years | May vary by bank |
| Online Banking Facility | Yes, with custodial access for parents | May vary by bank |
| Tax Exemption | Tax exemption for minor savings up to a certain limit | Varies by Income |
| Minimum Balance Requirement | Low minimum balance(INR 500) requirement | Varies by bank |
| Safety and Security | Advanced security features for minor accounts | Standard security measures |
FAQs
AU Small Finance Bank Minor Account is a savings account for children under 18, co-managed with a guardian, featuring a debit card, online banking, and education on financial responsibility.
The account is available for children below 18 with a guardian’s consent and required documents.
The minimum balance for this account is INR 500, which is an affordable option for starting savings.
Required documents include proof of identity and address for the parent, the child’s birth certificate, documents that establish the parent’s relationship with the minor, and passport-sized photographs of both.
The account offers competitive interest rates, a minimum balance requirement of INR 500, a debit card for children above 10, and limited online banking.
Yes, the minor account is a joint account with a parent or guardian, allowing them to monitor and manage the account.
The minor account offers an interest rate of up to 7.25% per annum, providing good returns on savings.
Yes, children over 10 years old are issued a debit card with a limited spending limit and additional offers.
Yes, parents can monitor transactions, set daily limits, and put safeguards in place to prevent overspending.
Yes, parents must have an account with the bank to open the AU Small Finance Bank Minor Account.
To learn more about education loans, the best bank accounts for students, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
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