Children’s Saving Account- teaching money management to the child
By Neelima Shankar
Print    Email    RSS   

Withdrawal limits set by most banks are generally higher as compared to the average money requirement of a minor. Thus parents should ensure that the child does not indulge in unnecessary cash withdrawal from his/her account.

Children are not responsible enough to handle debit cards safely and might end up misplacing/losing them and the card thus landing up in unsafe hands of thieves and fraudsters.

Internet banking scams are on a massive rise these days. When adults are increasingly falling prey to phishing scams, the chances of children becoming victims to such scams is much high.

Parents are thus advised to be alert in such cases and effectively monitor the child's account so that the goodness of the idea behind opening up such accounts continues to remain.


Page    | 123 |
(Comments Posted : 2) Post Your Comments
1. After checking in multiple banks, I find that for small children (below 10 yrs), banks do not give any facilities to make transactions from those accounts.
It will remain a plain vanilla account. If I want to make investments in my child's name in mutual funds etc online, it will not be possible.
Sripathi (Posted: Jul 9, 2012)
2. i wish the author had thrown some light on the following:

banks offering children's account facility and which one would be the best option vis-a-vis the benefits they offer?
rohini (Posted: Mar 15, 2012)
Show All Comments
 Select a product:

 Select a product:

How to Invest to Save?
Haven’t filed a return of your income?...
The new avatar of savings account would...
A checklist of investment options for...
Things you should know while filing income...

Do you need safe abortion pills if your answer is...
Love spell that works immediately Get back your...
MEXING: CaℒL Giℛℒ In Hoshiarpur 09855660911...
Sakeela.CaℒL Giℛℒs In Kharar 0985566O911...
NANGAL: CaℒL Giℛℒ In Una 09855660911 Escoℛt...

Federal Bank launched V connect for its customers Feb 12, 2015
Andhra Bank on expansion mode Feb 11, 2015
Dena Bank earned a profit of 13%. Feb 9, 2015
Banks expected to cut down the rates Feb 5, 2015
RBI kept the rates unchanged Feb 4, 2015
News Archive