Equitas Small Finance Bank to launch savings account for kids

The SFB announced that this account introduces “young kids” to the financial world, encouraging them to develop an early habit of saving. It added that an ENJOI account will also help the kids to take their first step towards a new age and technology-oriented banking experience.

ENJOI will allow kids of 0-18 years to open savings accounts under the supervision of their parents. Minors aged 10 and above will also get an option for a personalised Debit Card. 
 
Equitas SFB, in an official statement, explained that in order to promote higher growth in savings, the account offers “best-in-classpercentcent interest for savings balances between ₹5 lakh to ₹2 crore. Upon written consent from parents, minors aged 10 and above can also avail themselves of self-operating accounts with limited transaction limits. 
 
This new kids’ account will offer flexibility to choose the mode of savings either as a savings account, balance starting as low as ₹1,000; RD for ₹500 monthly; FD for ₹10,000. It added that children can deposit their own pocket money into the account and watch their savings grow with best-in-class interest rates.