“Foster the habit of savings today for a secured tomorrow.” 

SIB Gen Next Kids savings account enables you to save for your kids and also inculcates the habit of savings in kids. 

Key Features:

  • Early start from day one
    • Parents can start saving for their child from the day One onwards by opening their Kids account.
  • No Average Monthly Balance Required
    • No monthly balance required, if the parents maintains Rs. 10,000/- or above average monthly balance in their account.
  • Auto Savings facility
    • Standing Instruction from Parents to kids account without any charges, to build their children’s savings. (Monthly Savings).
  • Monitor kids account Any Time, Any Where
    • Parents can view their child’s savings account through our online banking platforms – SIB Mirror+.
  • Free Contactless VISA Debit Card
    • SIB GenNext Account comes with a contactless debit card with Tap and Pay facility
  • Safeguard your kids account
    • E-Lock feature for securing the kids accountwith a click 

 

PRODUCT AT GLANCE
Entry Age

Day one to 18 years (All Minors)

Mode of Operation   

Day 1 to up to 10 years- Minor by natural guardian.

10 years and above- Self Operation/ Minor by natural guardian

Pre-requisite
 
Minor operated natural guardian
Self-operated Account
Guardian CIF ID

KYC documents of both Guardian and Minor

 
Guardian CIF ID

KYC documents of both Guardian and Minor

Guardian Declaration Form (Click here)

Required AMB
Required AMB -Rs. 5000/-

AMB condition is waived if parent is maintaining

Rs. 10000/- & above in their SB account 

Account monitoring by parents.

Parent  has the privilege to view their kids account in their Mobile App (Mirror +)

Standing Instruction

Standing Instruction from guardian’s account with a minimum amount of Rs. 1000/- to child’s account every month.

Standing Instruction Form-(Click here) 
SIB ATM Usage
Unlimited
Other Bank ATM Usage
5 times/month
Free Cheque Leaf

Get 10 free cheque leaf per year in the name of child

RTGS/NEFT through branches

Free up to Rs. 1,00,000/ Month

Net Banking (SIBerNet)
NEFT – Free

IMPS – Free (Basis AMB maintenance of Rs. 50,000)

Transaction Daily Limits:
NEFT – 3 lakhs
IMPS – 2 lakhs

Note: Daily Limit can be extended up to Rs. 20 lakhs using debit card.

Mobile Banking (Mirror+)
NEFT – Free

IMPS – Free (Basis AMB maintenance of Rs. 50,000)

UPI – Free
Transaction Daily Limits:
NEFT – 2 lakhs
IMPS – 2 lakhs
UPI – 1 lakh
Mobile and E mail Alert
Free
Standing Instruction
Free
INSURANCE

SIB Suraksha Kavach

Personal Accident Death Insurance Cover of Rs. 10 Lacs.

Including, Personal accident hospitalizations cover Rs.1 Lac just for Rs. 275/ annum.

Insurance to be taken in the name of Parent and Nomination to be given in the name of the minor

(Customer to submit Suraksha Kavach application form separately to avail the insurance

DEBIT CARD
Variant

VISA Classic NFC International Card

Issuance Fees
Free*
Daily ATM withdrawal
limit
Rs. 5,000/-
 
Daily Shopping limit
(at POS/E-Com)
Rs. 10,000/-
Debit Card AMC
Rs 250 + GST*
Tap and Pay

On NFC Terminals, payment up to Rs. 5000 can be done without PIN, with a tap. 5 such transaction per day on the card.

*ATM AMC Waiver
Condition

1st Year AMC is waived if any one of the below conditions is satisfied by the customer within 90 days from card issuance.
a. Minimum 3 purchase transaction of any amount using the card.
b. Purchase transaction worth Rs.5000 or more by using the card
c. Average balance of Rs.50000 in the last 90 days.

Else Rs. 250/- will be collected on the 91st day of account opening. 

2nd Year Onwards, AMC waiver is subject to an annual spend Rs. 10,000/- via POS/ E-com

CHARGES
AMB Charges
 

AMB Maintained

Charges(excl. GST)
Upto 20% of AMB
Rs 200/-

Above 20% Upto 40%   of AMB

Rs 160/-

Above 40% Upto 60%   of AMB

Rs 120/-
Above 60% Upto 80%   of AMB Rs 80/-

Above 80% Upto 100% of AMB

Rs 40/-
 

Minimum balance charges will be waived if the parent have an account with AMB Rs. 10000/- & above

  • All the freebies are available in the account only on maintenance of required AMB.
  • For Account Conversion: Please Contact your nearby branch.
  • For any service charges click here
  • All kids account to be opened with an existing parent/guardian CIF ID only
  • On attainment of 18 years, minor account will be put on debit freeze. Customer to produce their KYC documents along with Minor to Major Conversion Form at their nearest branch for seamless account operation.