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Equitas Small Finance Bank on Thursday announced that it is all set to launch an exclusive savings account for kids named ‘ENJOI’.
The savings account is aimed at introducing young kids to the financial world and encourage them to develop the saving habit early. The account will be launched on June 19 to coincide with Father’s Day.
In a press release, the Chennai-headquartered bank said, ENJOI will allow kids of 0-18 years to open savings accounts under the supervision of their parents. Minors aged 10 and above will also get the option for a personalised debit card. To promote higher growth in savings, the account will offer 7 per cent interest for savings balances between ₹5 lakh to ₹2 crore. Upon written consent from parents, minors aged 10 and above can also avail of self-operating accounts with limited transaction limits.
Focussed on the theme of education and literacy, financial or otherwise, ENJOI account holders will also have access to exclusive deals from ed-techs and online learning providers, the release added.
“By inculcating the habit of saving early, with ENJOI, we are empowering kids with the power of compounding by starting to save early. ENJOI will enable young children, who are the future of tomorrow, to manage finance,” Murali Vaidyanathan, Senior President & Country Head, Equitas Small Finance Bank Ltd, was quoted in the release.
The ENJOI account will offer flexibility to choose the mode of savings, either as a Savings Account with balance starting as low as ₹1,000, RD (Recurring Deposit) for ₹500 monthly; or FD (Fixed Deposit) for ₹10,000.
The bank said the personalised debit cards will be complimentary for the first year and can be enjoyed free for a lifetime by maintaining the required balances.
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