TWO NEW SB PRODUCTS PEHLA KADAMA AND PEHLI UDAAN FOR MINORS BY SBI
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TWO NEW SB PRODUCTS PEHLA KADAMA AND PEHLI UDAAN FOR MINORS BY SBI

India bureaucracy

Mumbai:  Pehla Kadam and Pehli Udaan, the  two new Savings Bank products for Children by State Bank of India, was launched by Mrs Arundhati Bhattacharya, Chairman, State Bank of India and the Vice Admiral AR Karve, Chief of Staff at the Navy Children School, Mumbai today. Pehla Kadam is a Savings Bank account for minor of any age operated jointly with his/her Parent/Guardian while Pehli Udaan is a singly operated Savings Bank Account for a minor aged 10 years and above and who can sign uniformly.

Specially branded Passbook, Cheque Book have been designed for these products. All the account holders will be given an exclusivelydesigned personalised photo ATM-cum-Debit Card.

Other features bundled along with these products are:

  • Internet Banking with limited transaction facilities like bill payment, opening of fixed deposit, recurring deposits, etc. with per day transaction limit of Rs. 5,000/-.
  • Mobile Banking with limited transaction facilities like bill payment, top-ups with per day transaction limit of Rs. 2,000/-.
  • Auto sweep with a minimum threshold of Rs. 20,000 and in multiple of Rs 1,000 with a minimum of Rs. 10,000.

While launching the products on Teachers day, Mrs Bhattacharya highlighted the role of teachers in everyone’s life. She emphasised the importance of cultivating savings habits from childhood, managing and spending money wisely and also stressed upon the importance of inculcating good spending habits early in life. Students of the school were handed over Account Kits containing their personalised debit cards, Pass books, Cheque Books, etc.  by Smt. Bhattacharya. Shri Arijit Basu, MD of SBI life explained the importance insurance products in one’s life. Dr M G Vaidyan, Dy Managing Director SBI highlighted the power of compounding with an example to the children.

Vice Admiral AR Karve said that he is very happy that SBI has taken the role of a teacher in educating the children on banking and personal finance and is thus empowering the children.