Minor accounts are those accounts that are opened in the name of a minor by the parents to facilitate the management of their child’s finances.
As a parent, you can utilize this account in two ways-
- Paying school and tuition fees
- Depositing pocket money of your child in the bank account
Apart from the utilization, the benefit of a minor account is that it offers an educational curve for your child and helps them develop a savings habit.
Various banks in India provide a minor account like Indian Overseas bank. IOB is one of the best Government of India Banks.
The minor account offered by the IOB is called IOB SB Little Star which is nothing but a minor account for children from mage 1 to 18 years.
In this article, we will discuss How to Open a Minor Account in Indian Overseas Bank, Documents Required, Features, etc.
Eligibility for Opening IOB SB Little Star
The following are the eligibility criteria for opening an IOB SB Little Star account-
- The account can be opened for a child from age 1 to 18 years of age. From 1 to 10 years of a child, the management of the account will be provided to the parents (Joint Account) and after 10 years, the child can partially manage the account
Features of IOB SB Little Star
The following are the features for the IOB SB Little Star account which marks is an attaching account-
- The minimum balance required for the IOB SB Little Star is Rs.100 and the maximum amount is Rs.50,000/-
- This account comes with a sweep-in and sweep-out facility with a cap of Rs.10,000/-. Whenever the account exceeds Rs.10,000/- the surplus will be invested in an FD account and whenever the funds in the account reduce below Rs.10,000/-, the latest FD will be converted into savings bank funds
How to Open a Minor Account in Indian Overseas Bank?
You can open the Indian Overseas Bank SB Little Star account by following these steps-
- Visit the Indian Overseas bank premises and ask the bank representative for the IOB SB Little Start account opening form
- Now, fill out the form with correct details like name, address, services required, father’s name, etc.
- After filling out the application form, attach the documents mentioned below along with the application form
- Now, also deposit the initial deposit amount along with the documents and submit it to the bank representative
- Your application will be processed and further forwarded to other departments of the bank
- You’ll be notified about your account opening status via SMS within 2-3 business days
- After receiving the SMS, you will receive the IOB SB Little Star Debit card, Cheque book, etc.
- After receiving these, you have to activate the IOB Mobile Banking, and IOB Net banking to use the bank account fully
Documents Required for IOB SB Little Star
The following are the documents required for the IOB SB Little Star account-
- Child’s Birth certificate
- Parent’s Identification Certificate- Aadhar Card, PAN card, Voter’s ID, etc.
- Duly Filled IOB SB Little Star Application Form
- Initial deposit amount
Auto-weep facility is a facility that allows the account holder to automatically transfer the funds after reaching a certain cap to an FD account and earn interest on the investment.
IOB SB Little Start account comes with this facility, if your account has more funds than the Rs.10,000/- then the excess amount will be invested in an FD Account and whenever the funds are lower than Rs.10,000/- then the latest FD will be redeemed automatically.
Yes, you can open the account in the name of your daughter 64 days old. IOB allows you to open the IOB SB Little Star account right after day 1 of your child.
You can find the bank balance of your Indian Overseas Bank using various methods like IOB Missed Call Number, IOB Net Banking, IOB Mobile banking, SMS banking, etc.
Yes, there is a minimum balance requirement that you have to maintain, which is as follows-
-For the account with Cheque book facility- Rs.250/-
-For the account without the cheque book facility-Rs.100/-