Sucheta Dalal :Costly Kiddy Bank Accounts
Sucheta Dalal

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Costly Kiddy Bank Accounts  

August 20, 2013

Pester-power may lure you to open an account for your child, but it is expensive and there are hidden risk.

Sucheta Dalal


Have you noticed a Kotak Bank advertisement for a ‘Junior Account’ for children. The 8-year old daughter of Shyam Prasad, a Bengaluru-based chartered accountant did, and wanted to open an account. Mr Prasad thought it was a good idea too and approached the Bank. He  was in for surprises. First, the junior account is expensive. It offers 6% interest but requires a minimum balance of Rs10,000. Second, Bank officials demanded he deposit twice the sum at the account opening stage, but could withdraw it later. This was not disclosed in the brochure.

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-- Sucheta Dalal



 



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