POSTED BY August 23, 2013 10:46 am COMMENTS (6)ON
I have a 2 year old baby girl and want to do some saving for her.
Currently I am saving through FD and putting aside some money in my account. But since it is same account it is hard to manage.
So I want to open a separate account for her.
My doubt is do banks have different type of account for minors. If they do have are there some different facilities or features which they offer.
My preference is for the account which I can operate online with ease and free of charge.
1. I have Citibank with which I can do everything online or through phone without going to bank.
2. For SBI I went to bank to get the account username and password. They have per day limit on transaction amount. Also they charge if I transfer the money to some other bank account.
3. With IDBI I need to go to bank for any account details update. They also have per day limit on money transfer. But money transfer is free of cost and adding a beneficiary is also easy.
4. My wife has a Vijaya bank account. There it is even worse. Go to bank for everything. Write an application for everything. If you need to add a beneficiary you can do it online but they will send a SMS to you registered mobile you need to send that message to a number(SMS charges applied). Tried it 2-3 times but the beneficiary was not added.
So I need an account which I can operate hassle free and free of cost.
Also if I can get higher interest on saving, that will be a bonus.