Federal Bank launched a savings bank account christened Young Champ for children below the age of 18.
The account is available for Resident as well as Non Resident customers, a bank press release said today. Children aged 10 years and above can open and operate the accounts independently.
Young Champ Debit card has been exclusively designed with spend limits of Rs 2,500 through ATM and POS. Other friendly product features are Net Banking with view facilities, Mobile alert facilities,Automated fund transfer from Parents account, Free Draft for educational purposes up to Rs 50,000 per month, Reward Points for spend through POS.
The account also encourages to start saving through Recurring Deposit and Fixed Deposits.
Launching the product, GM and Retail Business Head, A Surendran said, "It is high time that banking is introduced to children early in their life. Young Champ Account will act as a catalyst in instilling savings and investment habits among children.
