Minor Savings Account
Open a savings account for your child with Ujjivan Small Finance Bank’s Minor Savings Account. Suitable for children aged 1 day up-to 18 years, the Minor Savings Account is designed to give your child a financially secure future. The Ujjivan SFB Minor Savings Account also comes with a debit card (on request for children aged above 10 years only), for easy access to the account and to carry out transactions. The account is operated by the Guardian and there's no minimum balance requirement on the account.
Key Features & Benefits
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Eligibility
Is Your Child Eligible for Ujjivan SFB Minor Savings Account?
For assistance, you can call our 24/7 customer support or visit your nearest branch.
Savings Account Calculator
Principal amount
Quarterly interest amount
*Interest is calculated on a quarterly basis.
*The above interest calculation shown is indicative, the actual interest paid out may vary.
*Interest Rates up to ₹ 1 lakh - 3.50% p.a. | Above ₹ 1 lakh to ₹ 5 lakhs - 5.00% p.a. | Above ₹ 5 lakhs to ₹ 25 lakhs - 7.25% p.a. | Above ₹ 25 lakhs - 7.50% p.a.
Total Savings post
Interest Earnings with Ujjivan SFB
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Ujjivan SFB Minor Savings Account Interest Rates
Below mentioned are the Interest Rates with Effect from 13th Sep 2024
| Account balance | Rate of Interest (p.a.) |
|---|---|
| Up to ₹1 lakh | 3.50% |
| > ₹1 lakh to ₹5 lakhs | 5.00% |
| > ₹5 lakhs to ₹25 lakhs | 7.25% |
| > ₹25 lakhs | 7.50% |
You can find additional disclosures here.
Channel Access
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Free Mobile Banking App in 9 different languages of your choice
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Free Net Banking Facility
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5 free transactions per month at any other bank’s ATM
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Speak to our 24*7 phone banking services in your preferred language at 1800 208 2121
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FAQs
1. What is a Minor Savings Account?
Ujjivan SFB’s Minor Savings Account lets you open a savings account for your child falling under the age group of 1 day up-to 18 years. The account is operated by the parent/guardian till your child becomes an adult. Our Minor Savings Account comes with multiple benefits including, attractive interest rates, a debit card (upon request) for ease of transaction, no minimum monthly balance requirement, and more.
2. What is the eligibility criterion for debit card?
The parent or guardian can request for a debit card if their child is above 10 years. Our debit card comes loaded with a host of features and benefits, and helps in making your transactions a lot smoother.
3. When can the child get the authority to operate the Minor Savings Account independently?
The child can become the independent accountholder of the Minor Savings Account only after attaining maturity, i.e., 18 years of age. At the time, the account can be converted into a Regular Savings Account.
4. Are online fund transfer facilities available with the Minor Savings Account?
Yes, you can avail NEFT, IMPS and RTGS facilities for online fund transfers.
5. How is the interest calculated on Minor Savings Account?
The interest on the Ujjivan SFB Minor Savings Account is calculated daily on the end-of-the-day balance. However, the interest is accumulated and credited to the account on a quarterly basis.
