NEWS & ADVICE : FIXED DEPOSITS
Children’s Saving Account- teaching money management to the child
By Neelima Shankar
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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.


 


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(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)
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