SBI MINOR ACCOUNT Prior to 23rd February 2020, SBI Account of Minors having Age Groups 10 – 18 years were opened with Liberised KYC Documents at alloted SBI KIOSK Outlets and falls under the category of Tiny Account.
Being Tiny Account and Minor being Guardian Dependent, there are some reasonable restriction on the account which are mentioned as under:
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Minor account rules
- Maximum Cash Deposit is less than Rs 50000/- (Rupees Fifty Thousand) only.
- Maximum Cash Withdrawal Limit per month is Rs 10000/- or Maximum Debit Transactions allowed is 4(Four) – whichever is earlier.
- The Minor Account Holder with their Minor Account opened at SBI Kiosk Outlets, needs to visit branch within 12 Months for KYC Updation with OVD (Officially Valid Document) failing to which the account will be STOPPED and no further transaction (Cash Withdrawal/Cash Deposit/Fund Transfer) will be carried out at allotted Kiosk Outlet till KYC Updation at Branch. Further delay will make Account Inoperative and none of the transaction can be done till KYC Updation at Branch. The Officially Valid Documents for Minor are Aadhaar Card, Passport and PAN Card.
- On attaining the age of 18 years, once again the account will be STOPPED. As the customer become Major, so, Guardian Delink needs to be done by Branch Authority to continue further transaction at allotted KIOSK Outlets.
- On attaining the age of 18 years and in order to increase the LIMIT of Transaction of the Tiny Account of the Minor, there is a provision to convert the account into Normal/Regular Saving Account with Cheque Book Facilities. For this, customer needs to submit a written application request to home branch for the same. The Branch Authority after completion of entire formalities will convert the Tiny Account to Normal/Regular Saving Account with Cheque Book Facilities. Thereafter the customer will be able to do the various transaction with their Instruments at allotted KIOSK Outlets, the LIMIT of which are mentioned as under:
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Sbi MinorAccount withdrawal limit
Sbi minoraccount transaction limit
|SL. NO.||LIMIT OF TRANSACTION|
|Instruments||CASH DEPOSIT (in Rs)||CASH WITHDRAWAL (in Rs)||FUND TRANSFER (in Rs)|
|01.||Normal Transaction||20000||Not Applicable||Not Applicable|
|Total||This is the Per Day Allowed Limit of Transaction|
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