SBI accounts for minors: One also doesn't need to maintain Monthly Average Balance for both accounts

State Bank of India (SBI), country's largest lender, offers Pehla Kadam and Pehli Udaan savings accounts for minors. Pehla Kadam and Pehli Udaan accounts are meant for children under the age of 18. Pehla Kadam account can be opened in the name of an individual aged below 18 years, while the Pehli Udaan account is meant for those are above 10 years of age, according to SBI's official website, sbi.co.in. One also doesn't need to maintain Monthly Average Balance (MAB) for both accounts.

Here are key things to know SBI's Pehla Kadam and Pehli Udaan accounts:

1. Eligibility and operation

Pehla Kadam: Minor of any age can open this account but it has to be jointly opened with the parent or guardian.

Pehli Udaan: This account can be opened by a minor above the age of 10 years who can sign uniformly. This account has to be opened in the sole name of the minor, said SBI.

2. Cheque book facility

Pehla Kadam: SBI issues personalised chequebook with 10 cheque leaves are the guardian in the name of minor under guardian, according to SBI.

Pehli Udaan: SBI issues personalised chequebook with 10 cheque leaves if the minor can sign uniformly.

3. ATM-cum-debit card

Pehla Kadam: Account holder's photo embossed ATM-cum-debit card with withdrawal/POS limit of Rs. 5,000 will be issued in the name of the minor and guardian.

Pehli Udaan: Account holder's photo embossed ATM-cum-debit card with withdrawal/POS limit of Rs. 5,000 will be issued in the name of the minor.

4. Internet & Mobile banking

Internet banking: Both the accounts have a per day transaction limit of Rs. 5,000, noted SBI. One can make bill payments, inter-bank funds transfer (NEFT only), and get demand drafts from these accounts.

Mobile banking: Both the accounts have a transaction limit of Rs. 2,000 per day. One can make bill payments and top-ups using the facility.

5. Interest rate and other facilities

The interest rate on Pehla Kadam and Pehli Udaan is similar to savings bank account. For savings deposits balance less than Rs. 1 lakh, SBI offers an interest rate of 3.5 per cent per annum. On balance over Rs. 1 lakh, it offers an interest rate of 3.25 per cent per annum. Nomination facility is also available with these accounts.