With the growing focus on the Kids segment and its requirements, IDBI Bank realized the importance of introducing a product specifically catering to this market. These days, parents' start saving money for their children right from the day they are born and by supporting this thought IDBI bank has designed the “POWERKIDZ” account, cut for the needs of children.
It is a piggy bank for the Kids that will not just keep their money safe but provide an interest on the same, allow them to take out money when required, make smart purchases by way of exclusive debit card, teach them to operate their account in a better and convenient way and also advise them from time to time about better investment options.
Kids at a young age can start saving the amount received from parents/guardian into these account which will not just inculcate the habit of saving but also act as an instrument in guiding them into financial sector. Coupled with various training programs and with insight to various other products children can make better investment decisions in future. They can even have the benefit by availing education loan from IDBI bank at a competitive interest rate for funding their higher education in India and Overseas.
Features at a Glance
Free Kids ATM card with withdrawal limit upto Rs 2000 at ATM/POS.
Personalised local cheque book .
Free monthly statements via mail on request.
Free passbook.
Demand Drafts and Pay orders on request.
Documentation
I S A of Guardian.
Minor Declaration to be signed by the Guardian.
Guardian's photograph and signature required on AOF.
Two Minors or two guardians not allowed in a minor account.
Only natural guardians as per law are acceptable, otherwise guardian should be a person appointed by a court of law.
For Minor Date of Birth proof (any one of the following documents)
Birth Registration certificate
Passport
Report card showing DOB
School ID card with Photo and DOB mentioned
Minor Declaration to be signed by the Guardian
All supporting documents to be signed by the customer i.e. self-attestation and the officer verifying the original documents.
If Minor above 10 years and he himself operates the account, his/her photo is required.
On attaining majority, the accounts will be frozen and the freeze will be removed only after submission of documents.