'Pehla Kadam and Pehli Udaan', two new savings bank products for children, was launched by Arundhati Bhattacharya, Chairman, State Bank of India (SBI) and Vice Admiral AR Karve, Chief of Staff at the Navy Children School, Mumbai today.
'Pehla Kadam' is a savings bank account for minors of any age operated jointly with his/her parent/guardian while 'Pehli Udaan' is a 'single' operated savings bank account for a minor aged 10 years and above who can sign uniformly.
Specially branded passbook, cheque book have been designed for these products. All the account holders will be given an exclusively designed personalised photo ATM-cum-debit card.
* Internet Banking with limited transaction facilities like bill payment, opening of fixed deposit, recurring deposits, etc. with per day transaction limit of Rs. 5,000.
* Mobile Banking with limited transaction facilities like bill payment, top-ups with per day transaction limit of Rs. 2,000.
* Auto sweep with a minimum threshold of Rs. 20,000 and in multiple of Rs 1,000 with a minimum of Rs. 10,000.
While launching the products on Teachers' day, Bhattacharya highlighted the role of teachers in everyone’s life. She emphasised the importance of cultivating savings habits from childhood, managing and spending money wisely and also stressed upon the importance of inculcating good spending habits early in life.