If you are a parent and looking for smarter ways to teach your children the value of saving, there are several banks that offer zero balance savings accounts designed especially for minors. These accounts often come with parental controls, debit cards, mobile banking access and spending limits.
These offerings are aimed at helping children manage their pocket money while learning basic financial habits early in life. Parents can open these accounts on behalf of their children and deposit pocket money, cash gifts received from relatives and friends, or prize money into them.
Top banks offering banking services for kids
Here are five major banks in India that are currently offering zero balance savings accounts for kids:
1. Kotak My Junior Account – Kotak Mahindra Bank offers this savings account for children below 18 years of age. The account comes with zero balance requirement, a personalised junior debit card, and an ATM withdrawal limit of ₹5,000. Savings account balances will earn 2.5% annual interest from December 1, 2025, according to the bank’s website.
In order to qualify for opening a Kotak My Junior Account, the minor should be resident and the guardian can be resident or non-resident Indian (NRI). The Junior Account also comes with exclusive discounts and privileges for kids like Junior Foodie, Junior Day Out, Junior Shopper, Junior Learner and Junior Angel, according to Policybazaar.
2. Bank of Baroda Baroda Champ Account: The Bank of Baroda’s zero-balance savings account is designed for minors (aged 0–18). It features zero charges on school fee payments, 1 free DD per month for fees, and a theme-based RuPay Debit Card for kids aged 10 and above.
In this account, internet and mobile banking facilities are available for applicant aged 10 years and above. The account can be opened only for resident individuals. It also offers nil charges on school fee payments and one free demand draft of up to ₹1 lakh per month for fee payments. The maximum balance allowed in the account is ₹1 lakh, while interest rate earned is 2.5% per annum on deposits ranging from ₹1 lakh to ₹50 crore.
3. Indus Young Saver Savings Account: Bank offers this savings account for minors to help them develop saving habits and learn money management from an early age. The account can be opened for children above 10 years of age either independently by the minor or under the supervision of a parent or guardian, as per the bank’s rules.
The account comes with features such as a customised debit card for ATM withdrawals and online shopping, along with a personalised cheque book for offline payments. Parents or guardians can open the account by visiting the nearest IndusInd Bank branch. The lender may also apply certain account-related charges, which are disclosed at the time of account opening.
4. HDFC Kid’s Advantage Account: This savings account offers a personalised cheque book and debit card with parental controls. Parents can set daily spending limits and track transactions. The account also provides educational tools and resources. However, there are some fees and charges applicable.
It also offers extensive complimentary benefits, including free monthly statements and instant transaction alerts through SMS and email. You can also avail free cash withdrawal and balance enquiries at all HDFC Bank ATMs. Your child can withdraw ₹2,500 at ATMs and ₹10,000 at merchant locations per day. Any resident individual up to age of 18 can open this account.
Additionally, the account provides free education of up to ₹1 lakh in case of the parent or guardian’s death in a road, rail or air accident.
The account also includes net banking and mobile banking facilities for balance checks and bill payments. Parents can additionally set up a standing instruction to transfer money every month from their account to the child’s account.
5. IDBI BankAdvantage Kids Savings Account: The offers an interest rate of 2.5% per annum on balances up to ₹1 lakh and requires a minimum average balance of ₹5,000, according to Policybazaar.
It comes with a specially designed kids ATM card with withdrawal limits of up to ₹5,000 at ATMs and POS terminals, along with a personalised cheque book. Customers also get free monthly statements on request, passbook facility, demand drafts and pay orders, as well as five free ATM transactions at other bank ATMs in non-metro locations.