Fino Payments Bank has announced a savings account for minor children aged between 10 and 18 years.
“Bhavishya, a subscription-based savings account, is aimed at making children banking ready, inculcating a savings habit,” it said in a statement on Tuesday, adding that it will initially be introduced in Bihar, Madhya Pradesh and Uttar Pradesh and gradually launched in other States.
“We see the good potential and expect to open around one lakh Bhavishya Savings Accounts by the end of 2020-21. As they become adults, account holders will be able to plan their financial goals in a much better way,” said Ashish Ahuja, Chief Operating Officer, Fino Payments Bank.
The Bhavishya Savings Account can be opened through the eKYC mode only. The benefits of Bhavishya Savings Account includes no minimum account balance requirement and a free debit card, and it would be upgraded to a regular savings account when the minor becomes 18 years of age.