The banking system is very important for an individual to ensure his/her funds are safe and secure. But, in India people are still hesitant to save their money in the bank. Although banking inclusion is around 75% in the country, still a huge population is not connected to the bank. A minor account is a very good initiative by the banks to provide banking facilities to minors. Exposing young minds to banking develops a habit of using banking for daily use.
Punjab National Bank is one such bank that offers banking facilities to minor children. The minor account provided by the bank is called Junior SF Account. There are a lot of benefits when it comes to opting for a minor account and in this article, we will explore how to open a minor account in PNB, its features, eligibility, etc.
Features of a PNB Junior SF Minor Account
The following are the features and benefits of opening a minor account-
- The minor account offered by Punjab National Bank does not require an initial deposit amount also, there is no minimum Average Maintenance Balance (AMB) requirement
- PNB junior SF Account comes with a free Cheque book with 20 leaves that can be used by the parents/guardians of the child
- Parents/guardians can make free NEFT transfers up to Rs.10,000/- on the behalf of the child
- Demand Drafts (DD) in favor of the child’s school will be free not charges will be free
- A free Rupay Debit card will be offered by the PNB and using this card cash can be withdrawn up to Rs.5000/- per day
- Parents/Guardians can use mobile and PNB Net banking facilities to monitor the account of the child
- There are no overdraft facilities provided to the PNB Junior SF Account
Eligibility of PNB Junior SF Account
To avail of the Junior SF Account, the parents/guardians of the child must be eligible. The following are the eligibility criteria for PNB Junior SF Account-
- Parents/Guardians can open the account on the behalf of the child by providing a legal document establishing the relationship
- There is no minimum age of account opening but a maximum of 18 years of age
- Children above the age of 10 years can open their own Junior SF account independently
- The applicant must have valid documents as per the KYC (Know Your Customer) compliance
Documents Required for PNB Junior SF Account
The following are the documents required for PNB Junior SF Account-
Parents/Guardian Account Opening
- Identity Document of Parents/Guardian- Passport, Voter’s ID card, driver’s license, Aadhaar card, etc.
- Address Proof- Passport, Voter’s ID card, driver’s license, Aadhaar card, etc.
- Birth Certificate of the child
- For the guardian of the child, they have to provide legal adoption certificates
Minor Opening Account Independently
- Birth certificate of the child
- Any Identification certificate provided by the Government
- Address Proof of the minor
How to Apply for Minor Account in PNB
Punjab National bank provides one of the best account facilities for minors. You can apply for the minor account of your child by following these steps-
- Currently, you can only apply for a minor account by visiting your nearest bank branch
- Visit your nearest PNB bank branch and ask for a minor account opening form
- Fill the form with relevant details and make sure you provide correct details
- Now, attach the documents mentioned above and submit the form to the bank official
- If you want to provide an initial deposit then you can do that in cash but, make sure you have mentioned it on the application form
- Now, your application will be processed by the bank and they will communicate the account opening status
- Once your account is opened, you will be provided with a starter kit via post which includes a debit card, passbook, cheque book, etc.
- You can start using your bank account right away and for a debit card, you have to activate your debit card first then it will be operational as well.
FAQ on Junior SF Account
Can a child open his/her account by himself?
Yes, but only for the children who are above 10 years of age. For children below 10 years of age, they need parents/ legal guardians to open the account.
Why you should open a Minor Account?
There are a lot of benefits of opening a Minor Account like financial education of the child, many freebies for the minor account, etc.
Does the minor account come with a debit card and internet banking facility?
Yes, the minor account will have debit card services but, internet banking is only provided to the parents to monitor the spending of the account. You cannot use an internet banking facility to transfer funds.