Following the SBI, Federal bank has rolled out a new savings schemes for the children below 18 yrs. The bank has introduced the savings scheme for minors named ‘Young Champs’. With the aim to develop the savings habit in children banks are introducing these new schemes.
Both Indian as well as NRI customers below the age of 18 yrs can avail this scheme. Children can open and operate this account on their own. They will be provided with the facility of debit card along with the spend limit of Rs 2,500. The net banking, SMS alerts, fund transfers will be from parents account.