Zero-balance minor accounts are the bank accounts for students to learn about savings, budgeting, and financial responsibility. There are no minimum balance requirements. With the convenience of online banking, one can easily follow zero-balance minor account opening online process. The State Bank of India, HDFC Bank, Bank of Baroda, ICICI Bank, Kotak, etc offer some of the best zero-balance minor accounts. Let’s explore the features, benefits, application process, criteria, and other details.
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What is a Zero Balance Minor Account?
A zero-balance minor account is a type of savings account designed specifically for minors, allowing them to manage their finances without the requirement of maintaining a minimum balance. They are similar to Basic Savings Bank Deposit Accounts (BSBDA) for students.
This account promotes financial literacy among children by enabling them to learn about saving, budgeting, and financial responsibility from a young age. Unlike traditional savings accounts, these accounts do not incur penalties for low balances, making them accessible and user-friendly for young savers.
Eligibility Criteria
To open a zero balance minor account, certain eligibility criteria must be met:
- Age Requirement: Typically, the account can be opened for children aged below 18 years.
- Guardian’s Role: A parent or legal guardian must be involved in the account opening process, as minors cannot operate bank accounts independently.
- Documentation: Required documents usually include:
– Proof of identity and address of the guardian
– Birth certificate or school ID of the minor
– Passport-sized photographs of both the guardian and the minor
Also Read: This blog is a comprehensive guide on the best student bank account to open when you’re going to study abroad. Find all the information here!
Benefits of Zero Balance Minor Account
Zero-balance minor accounts offer numerous advantages that make them ideal for teaching children about financial management. These accounts eliminate the stress of maintaining a minimum balance and offer attractive interest rates.
With features like online banking access and debit cards, these accounts provide a practical way for minors to engage with their finances while under parental supervision, fostering a sense of responsibility and independence. Check out the benefits below-
- No Minimum Balance Requirement: Children can manage their savings without worrying about maintaining a minimum balance.
- Learning Financial Skills: These accounts serve as an educational tool, teaching kids about saving, budgeting, and the value of money.
- Interest Earnings: Funds in the account typically earn interest at rates comparable to regular savings accounts.
- Online Banking Features: Many banks provide online banking facilities, allowing easy access and management of funds.
- Debit Card Access: Some accounts come with a debit card for minors, enabling controlled spending and withdrawals. Alternatively, you can apply for some of the best debit cards for students under 18.
How to Open a Zero Balance Minor Account Online?
Opening a zero-balance minor account online is a straightforward process. The steps generally include selecting a bank that offers such accounts, filling out an online application form with the necessary details, and uploading required documents like proof of identity for both the minor and the guardian. Check out the detailed steps below for opening a student account online–
- Choose the Right Bank: Research various banks that offer zero-balance minor accounts and compare their features and benefits.
- Visit the Bank’s Website: Navigate to the bank’s official website and find the section for minor accounts.
- Fill Out the Application Form: Complete the online application form with accurate details about the minor and the guardian.
- Upload Required Documents: Prepare digital copies of necessary documents (identity proof, birth certificate, photographs) and upload them as instructed.
- Submit the Application: Review all information for accuracy and submit the application form.
- Verification Process: The bank will review your application and documents. Some banks may require an in-person verification (IPV) at this stage.
- Account Activation: Once approved, you will receive confirmation, and the account will be activated. You can then access online banking services.
Also Read: Check some of the FAQs about international bank accounts for students studying abroad. Know all about it in this blog.
Best Zero Balance Minor Accounts for Students
Several banks offer excellent zero-balance minor accounts tailored for students, each with unique features and benefits. These accounts not only help students save but also equip them with essential financial skills through engaging features designed specifically for young savers.
Here’s a list of 10 banks and the best zero balance minor accounts or basic savings bank deposit accounts they offer for students:
| Bank Name | Account Name | Key Features |
| Bank of India | Pratham Savings Account | Zero balance requirement, competitive interest rates, online banking, and financial education tools. |
| State Bank of India | 1. SBI Pehla Kadam 2. SBI Pehli Udaan | Designed for minors, these accounts promote saving habits with features like mobile banking and per-day limits on transactions. |
| Kotak Mahindra Bank | My Junior Kids Savings Account | No minimum balance requirement, personalized debit card, and exclusive discounts for kids. |
| HDFC Bank | Kids Advantage Account | Free education insurance cover, ATM/debit card access, and systematic investment options. |
| ICICI Bank | Young & Smart Star Kids Account | A guardian-operated account with a complimentary debit card and flexible minimum balance maintenance. |
| Axis Bank | Future Stars Savings Account | No minimum balance requirement, free online banking, and educational workshops for children. |
| Punjab National Bank | PNB Junior Savings Account | Designed for minors with no minimum balance requirement and attractive interest rates. |
| Union Bank of India | Union Junior Savings Account | Zero balance facility, online banking services, special offers for minors, provides simple Union Bank of India Zero Balance Account opening online process |
| Canara Bank | Canara Kids Savings Account | No minimum balance requirement, free ATM card, and educational initiatives to promote saving habits. |
| Bank of Baroda | Kids Bank Account | Zero balance requirement, online banking features, and financial literacy programs for children. |
These accounts provide an excellent opportunity for students to learn about managing money while enjoying various benefits tailored to their age group.
To learn more about the best bank accounts for students, education loans, 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.
FAQs
A zero-balance minor account is a savings account for children that does not require maintaining a minimum balance, promoting financial literacy.
A parent or legal guardian must open the account on behalf of the minor, as children cannot operate bank accounts independently.
Required documents typically include proof of identity and address of the guardian, the minor’s birth certificate or school ID, and passport-sized photographs.
Yes, these accounts are generally available for children below 18 years of age.
Yes, many banks offer online banking facilities for minor accounts, allowing supervised access to manage funds.
Yes, funds in these accounts typically earn interest at rates similar to regular savings accounts.
Yes, many banks provide debit cards for minors with controlled spending limits to help them learn responsible spending.
Upon reaching 18, the account can often be converted into an adult savings account with continued access to funds.
Most zero-balance minor accounts do not have maintenance fees, making them cost-effective for families.
To open an account online, choose a bank, fill out the application form, upload the required documents, and submit for verification.
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