Fino Payments Bank Limited has launched a special savings account for children. Fino Payments Bank launches ‘Future Savings Account’ for minors between the ages of 10 and 18. This account can be opened for a nominal amount. The bank has recently launched ‘Future Savings Accounts’ in UP, Bihar and Madhya Pradesh. It is built with the special needs of children in mind. There will be many benefits of ‘Future Savings Account’.
Fino Payments Bank launches ‘Future Savings Account’ for 10 to 18 year olds
With this you will get a free debit card
As soon as the child turns 18, the future savings account will be upgraded to a regular savings account
According to Ashish Ahuja, COO, Fino Payments Bank, India’s strength is its young population.
Along with learning other skills it is also important that children keep informed about banking from the beginning. This account will be opened by Aadhaar. As well as it would be better for parents to develop the habit of saving in children.
Benefits of ‘Future Savings Account
There will be many benefits to a ‘future savings account’. It will not be necessary to have a minimum account balance. With this you will get a free debit card. Which can only be used for cash withdrawals at ATMs for authorization.
The minor must have a mobile number for security reasons. Which differs from the number of his parents. In addition, as soon as the child turns 18, the future savings account will be upgraded to a regular savings account. This will require re-KYC with updated information.
Government schemes will benefit
Future savings accounts can be used to take advantage of many government schemes. This includes the amount of scholarship and DBT subsidy. Fino Payments Bank aims to open 1 lakh future savings accounts by the end of FY2021. Once the child becomes an adult, the account holder can better plan his financial goals.
Citing the 2011 census, the bank says India has a population of 25 crore with a population of 10-19 years. This could increase further in 2021. 70% of them live in rural areas. This is a big opportunity for a rural based Fino Payments Bank.