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Fino Payments Bank launches 'Bhavishya' savings account for minors
July 8, 2020

Fino Payments Bank Limited on 6th July 2020 announced the launch of a savings account scheme for minors aged between 10-18 years.

The bank will initially introduce the Bhavishya savings account in UP, Bihar, and MP and gradually in other states.

Citing the 2011 census, the bank said India’s population in the age group of 10-19 years was over 250 million and in 2021 this is expected to go up. More than 70% of this population lives in rural areas.

This presents a huge opportunity for the predominantly rural-based Fino Payments Bank.

An easy to operate Aadhaar seeded account will be of great advantage to parents for inculcating savings habit in their children, he added. Also, the Bhavishya savings account can be used to get benefits of various government schemes for children such as scholarship and DBT (direct benefit transfer) subsidy amount.

Benefits of Bhavishya savings account includes, no minimum account balance requirement and a free debit card, which can be used at ATMs only to withdraw cash with Aadhaar authentication.

Benefits of Bhavishya savings account includes, no minimum account balance requirement and a free debit card, which can be used at ATMs only to withdraw cash with Aadhaar authentication.

For security reasons minor should have a mobile number that is different from the parent’s number.

Further, on attaining 18 years of age, the Bhavishya savings account will be upgraded to regular savings account on submission of Re-KYC with updated information.

Source : Livemint

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