To develop the savings habit among all the youngsters the bank these days are highly encouraging kids to open their savings accounts with the bank. In recent times the reputed banks of the country have come up with large variety of new savings accounts for the minors.
The reports have shown that new born babies are having their savings account in the banks. The banks ask the minors to open savings account with them and they will help them in keeping their savings secure along with the additional interest. The banks are offering an interest rate of 4.5% on minors savings account. It has been noticed that a 12 days old baby is having savings account with the Kotak Mahindra bank.
Further the banks are also organizing classes in the schools, asking the children to open their savings account. Recently SBI organized a class in schools asking children to move their piggy banks from the home to banks. Children are being taught about benefits of savings. Banks are receiving an overwhelming response both from urban as well as rural areas, with the bank adding 35,000 accounts a month. The Kids are being offered with various facilities in these accounts.