On July 7, 2020 Fino Payments Bank Limited launched ‘Bhavishya‘, a savings account scheme for minors aged between 10-18 years. The subscription-based savings account aims to inculcate banking and saving habits in childrens.
About Bhavishya Savings Account
i.The Bhavishya Savings Account can be only opened through the Electronic-Know Your Customer(e-KYC) mode.
ii.The account comes with a free Platinum RuPay Debit card and there is no requirement to maintain any minimum monthly average balance. The annual Subscription charges for the account is Rs.349 (inclusive ofGoods and Service Tax-GST)
iii.The minors should have a mobile number that is different from the parent’s number for security reasons.
iv.If the children attain 18 years, the account will be upgraded to a regular savings account, if Re-KYC is submitted with updated information.
v.The transactions will be allowed only through Aadhar Authentication and Debit Card can be used for financial/non financial transactions. Only ATM(automated teller machine) transactions are allowed on Debit Cards(as of now 5 free ATM transactions per month).
vi.The maximum threshold limit of the account is Rs. 50,000.
Usage of account for various govt schemes- The account can be used to get benefits of various government schemes for children such as scholarship and DBT (direct benefit transfer) subsidy amount.
Accidental Insurance/Permanent disability cover– The Accidental Insurance/Permanent disability cover of Rs.2 Lakhs is facilitated with Rupay Platinum Debit Card and Rs.1 Lakh cover on Rupay Classic Debit card.
Aadhaar seeding facility– There is an Aadhaar seeding facility to receive scholarship subsidy and other benefits directly in the account.
Mobile Banking access– There is availability of Mobile Banking access (with view rights) so as to manage the account, anywhere and anytime.
Free cash deposit, cash withdrawal & SMS alert– There will be free cash deposit limit upto Rs.25,000 per month, free cash withdrawal at Fino Bank branches and free SMS alerts.
- The bank will initially introduce the account in Uttar Pradesh(UP), Bihar, and Madhya Pradesh(MP) and then gradually in other states.
- The bank is likely to open around 1 lakh accounts by the end of FY21
About Fino Payments Bank Limited:
MD and CEO– Rishi Gupta