Banking habits in children below 10-years! Although it is difficult to fathom the news it is a reality with figures enough to substantiate the growing desire among children to start early banking habits.
State Bank of India started the initiative with the objective of linking youngsters considered too young to grasp banking operations and make them comfortable with the system before they attain the age of maturity. The early banking habit say bank officials will help banking institutions. “The scheme has been rolled out and we have already approached schools to us in this regard,” said AGM, Ranchi Branch, Kamlakar Singh.
The scheme launched for children upto 18-years has been divided into two—one for children upto 10-years of age and other for children from 10-18 years. The public sector major has so far collected 132 forms from children upto 18-years of age. The scheme has been classified into two categories- one for children upto 10- years and another for children in the age group of 10-18 years.
Notwithstanding the classification savings accounts for children will provide all facilities provided to them with the only difference being that the children below ten years need their parents to comply with the bank’s requirement for documents. “For those who cannot put their signature we require KYC (know your customer) compliance. The account will be converted into a normal savings bank account when they (children) will reach the age of 18-years,” maintained Singh.
Singh, who is new to Ranchi, has vowed to introduce several other measures to improve banking experience of the people of the capital. The measures include setting up customer sales points and address certain operational issues faced by customers at automated cash deposit kiosks in the city. There are about four such kiosks in Ranchi.