The SBI Pehli Udaan account is a savings account offered by the State Bank of India (SBI). It is designed for minors aged 10 years and above. This account aims to promote financial literacy among children by allowing them to manage their savings. The SBI Pehli Udaan online account opening for minors is also a straightforward process. You can simply visit the official website and initiate the application process. Carry the necessary documents and submit your application. Check out how to open a Pehli Udaan account online, eligibility criteria, and documentation.
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SBI Pehli Udaan Online Account Opening Process
The Pehli Udaan is an SBI account for students that is designed for minors aged 10 years and above, allowing them to manage their savings with certain banking features. Opening the SBI Pehli Udaan account online is a simple process that promotes financial literacy among young individuals. Here’s how to open an SBI Pehli Udaan account online.
- Go to the official SBI website or the YONO app.
- Under the “Personal Banking” section, click on “Accounts” and select “Savings Account for Minors.”
- Click on the “Apply Now” option to start the application process.
- Complete the online application form with the minor’s details, including date of birth and KYC information of the parent or guardian.
- Upload required documents such as proof of age (birth certificate or Aadhaar) and KYC documents (Aadhaar and PAN or Form 60).
- Verify all details and apply.
- After submitting, you will need to visit your nearest SBI branch to complete the process and activate the account.
Also Read: Check out this blog if you are planning to take an SBI education loan. Know the application process in our blog on how to apply for an education loan in SBI.
Features of SBI Pehli Udaan Account
The SBI Pehli Udaan account is a savings account tailored for minors aged 10 years and above, enabling them to manage their finances independently. This account not only encourages saving habits from a young age but also provides essential banking features. Here are the key features and benefits of the SBI Pehli Udaan account-
- No Monthly Average Balance Requirement: Similar to the SBI zero balance account, the SBI Pehli Udaan doesn’t require the need to maintain a minimum balance. This feature makes it easier for minors to manage their accounts without financial pressure.
- Maximum Balance Limit: The account can hold a maximum balance of up to INR 10 lakh, allowing for substantial savings.
- Cheque Book Facility: Minors can receive a specially designed personalised chequebook with 10 cheque leaves, issued in the minor’s name if they can sign uniformly.
- Photo ATM-cum-Debit Card: SBI issues a photo-embossed ATM-cum-Debit Card in the minor’s name, with a withdrawal/POS limit of INR 5,000.
- Mobile Banking Access: The account includes mobile banking features with viewing rights and limited transaction capabilities such as bill payments and top-ups, with a per-day transaction limit of INR 2,000.
- Auto Sweep Facility: SBI offers an auto sweep facility with a minimum threshold of INR 20,000, enabling funds to be swept into fixed deposits in multiples of INR 1,000.
- Interest Rate: The bank calculates the applicable interest rate on the Savings Bank Account based on the daily balance.
- Account Transferability: SBI allows account holders to transfer their accounts to any branch without changing the account number.
- Nomination Facility: The bank provides a nomination facility.
- Branded Passbook: SBI issues a specially designed branded passbook free of charge.
- Inter-Core Charges: There are no charges for transfer transactions between accounts.
Benefits of SBI Pehli Udaan for Students
The SBI Pehli Udaan account is an excellent choice for parents looking to encourage their children’s financial education and independence. This provides them with essential banking tools. Check out the benefits of the Pehli Udaan account by SBI-
- Financial Independence: The Pehli Udaan account allows minors to learn about managing money responsibly and making financial decisions independently.
- Encouragement of Savings: With no minimum balance requirement and a high maximum balance limit, children can save effectively without restrictions.
- Ease of Transactions: The availability of a chequebook and ATM card facilitates easy transactions, helping minors understand banking operations.
- Learning Opportunity: The mobile banking feature provides an opportunity for minors to familiarise themselves with digital banking tools, enhancing their financial literacy.
- Safe Saving Environment: The structured limits on transactions help instil prudent spending habits while ensuring that the minor’s funds are secure.
Also Read: Know all about the SBI education loan repayment plan here and repay your loan efficiently. Check the various online payment methods.
Eligibility Criteria for SBI Pehli Udaan Account Opening
Students must fulfil the eligibility criteria to open the Pehli Udaan account. This criteria is related to age, operational restrictions, signing capability, and others. By meeting these criteria, minors can open an SBI Pehli Udaan account, helping them learn about savings and financial management from an early age.
- Applicants must be minors aged 10 years or older.
- They must be capable of signing uniformly.
- Unlike other minor accounts, only the minor can open the Pehli Udaan account in their sole name, without joint ownership with a guardian or parent.
- The minor will operate the account independently, gaining financial independence while adhering to responsible banking practices.
Documents Required to Open Pehli Udaan Account
Certain SBI account opening documents are required to ensure proper identification and compliance with banking regulations. Here’s a list of the necessary documents required to open an SBI Pehli Udaan.
- A recent passport-sized photograph of the minor.
- Proof of age (such as a birth certificate or Aadhaar card).
- KYC documents of the parent or guardian (Aadhaar and PAN or Form 60).
- The signature of the minor on the account opening form.
Self-attest these documents and submit them with the account opening form at the nearest SBI branch. This process ensures proper identification of both the minor and the guardian, complying with regulatory requirements.
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FAQs
The SBI Pehli Udaan account is a savings account for minors aged 10 years and above. It promotes financial literacy by allowing children to manage their savings.
You can open the account by visiting the official SBI website or using the YONO app. Follow the prompts to complete the application and submit the necessary documents.
Required documents include a birth certificate or Aadhaar for proof of age, KYC documents of the guardian, and a recent passport-sized photograph of the minor.
No, the SBI Pehli Udaan account does not require maintaining a minimum balance. This feature helps minors manage their accounts without financial pressure.
The maximum balance that can be held in a Pehli Udaan account is INR 10 lakh, allowing substantial savings for minors.
Yes, the Pehli Udaan account is operated solely by the minor, providing them with financial independence and responsibility in managing their savings.
The account offers features like a personalized chequebook, an ATM-cum-Debit card with a withdrawal limit of INR 5,000, and mobile banking access.
Yes, there is a daily transaction limit of INR 2,000 for mobile banking transactions such as bill payments and top-ups.
The Pehli Udaan account helps minors learn money management skills and encourages saving habits from an early age through practical banking experience.
Yes, an auto sweep facility is available with a minimum threshold of INR 20,000, allowing funds to be swept into fixed deposits in multiples of INR 1,000.
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