SBI’s Pehla Kadam and Pehli Udaan account With Zero Balance

Lekh Narayan Tandekar -SBI News

SBI’s Pehla Kadam and Pehli Udaan account With Zero Balance

SBI's Pehla Kadam and Pehli Udaan account With Zero Balance 1

SBI’s Pehla Kadam and Pehli Udaan accounts can be operated with zero balance, according to the bank.

Customers don’t need to maintain a Monthly Average Balance (MAB) for both accounts.

State Bank of India (SBI), the country’s largest lender, offers Pehla Kadam and Pehli Udaan savings accounts for minors. While the Pehla Kadam account can be opened in the name of an individual aged below 18 years, the Pehli Udaan account is meant for those are above 10 years of age, according to SBI’sofficial website – sbi.co.in. Customers don’t need to maintain a Monthly Average Balance (MAB) for both accounts. In other words, these bank accounts can be operated with zero balance. However, the maximum balance in these accounts should not exceed Rs 10 lakh.

Here are key things to know SBI’s Pehla Kadam and Pehli Udaan accounts:
1. Eligibility
Pehla Kadam: Minor of any age can open this account but it has to be jointly opened with the parent or guardian.
Pehli Udaan: This account can be opened by a minor above the age of 10 years who can sign uniformly. However, this account will be opened in the sole name of the minor.
2. ATM-cum-Debit Card
Pehla Kadam: Child’s photo embossed ATM-cum-Debit Card with withdrawal/POS limit of Rs. 5,000 will be issued in the name of the minor and guardian, said SBI Pehli Udaan: The account holder will get a photo embossed ATM-cum-Debit with withdrawal/POS limit of Rs. 5,000 in his/her name.
3. Cheque book facility
Pehla Kadam: Personalised chequebook with 10 cheque leaves are issued to the guardian in the name of minor under guardian.
Pehli Udaan: Personalised chequebook with 10 cheque leaves is issued if the minor can sign uniformly.
4. Internet & Mobile banking
Internet banking: Both the accounts have a per day transaction limit of Rs. 5,000. One can make bill payments, inter-bank funds transfer (NEFT only), and get demand drafts from these accounts. 
Mobile banking: Both the accounts have a transaction limit of Rs. 2,000 per day. One can make bill payments, top-ups from these accounts, said SBI.
5. Interest rate 
The interest rate on Pehla Kadam and Pehli Udaan is similar to savings bank account, which is calculated on daily basis for both the accounts. The bank offers an interest rate of 3.50 per cent p.a.

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