As a parent, it is important to teach children about financial knowledge and systems. A good way to start is by opening a minor account at a very young age.
Nowadays, everything is connected to the banking system from salary to shopping, therefore, exposing a young mind to the banking system makes a good habit of using banks effectively.
Many banks provide easy account opening methods for minors, Bank of Baroda is one such bank that provides minor account opening by the name of Baroda Champ Account
In this article, we will discuss how to open a minor account in the Bank of Baroda, Eligibility, documents required, etc.
Eligibility for Minor Account Opening
The only eligibility requirement for opening a minor account is that the minor applicant’s age must be between 0 to 18 years of age.
Features of Baroda Champ Account
The following are the features of the Baroda Champ Account-
- No minimum balance is required to maintain which adds flexibility to the account holder
- Debit card, Net Banking, and Mobile Banking facility available to the account holder
- NO charge on payment of school fees
- DD free per month for fee payment (to a maximum amount of Rs.1 lac)
- NEFT/ IMPS (outward & inward) free for an amount of Rs.1 lac per month is free as well
Documents Required for Minor Account Opening
The following are the documents required for Minor Account opening-
- KYC documents for a parent or legal guardian
- Voter’s Identity Card
- Driving License
- Aadhaar Letter/Card
- PAN Card
- KYC documents for the child
- Birth Certificate
- Any Identification certificate provided by the Government
- Passport size photographs of the child
- Duly completed application form
How to Apply for Minor Account in Bank of Baroda?
The following are the step by step methods for applying for Bank of Baroda Minor Account-
- You can apply for a Baroda Champ account by visiting your nearest branch of the Bank of Baroda
- Ask for the Baroda Champ Account opening form from the bank representative
- Now, fill the form with relevant information and attach all KYC documents mentioned above
- Now, submit the documents and application form to the bank representative along with the initial deposit amount
- The bank will initiate the account opening process and you will be notified once the opening process has been completed
- After successful account opening, you will be provided with a starter kit via post which includes BOB Debit Card, passbook, cheque book, etc.
- After receiving the starter kit, you can activate the BOB debit card, BOB Net Banking, and BOB Mobile banking and start using them right away
FAQ on Baroda Champ Account
Yes, if the minor from 0 to 18 years of age want to open an account by himself, then he/she can open the account by visiting the bank branch.
Yes, Baroda Champ Account provide debit card, net banking, and mobile banking facility to the account holder.
If the minor becomes more than 18 years of age then, the minor account becomes a normal savings account and all the free features of the account become paid one.