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Forget the piggy bank. Teach your children about money by opening a saving account
Money saved and invested in the right ways earns more money. Yet, the traditional piggy bank where kids keep money never gives the complete picture. By depositing all coins and notes in a children savings account, your child can really understand a lot more about the financial system. When you open a savings account for your child, you build the platform on which their financial future will stand. Let us understand how a simple savings account can teach children about money.
Let us face it: money kept in a piggy bank does nothing. Sure, it is a place where children can keep the money. But do you want your children to store money like humans used to 200-300 years ago? It is 2018. This is why it is important for them to understand money grows when you invest it. A children savings account pays interest, which teaches children to save and put it in a proper place. IDFC Bank's children savings account pays 4% per annum on the daily end of day balance and is paid quarterly. As the money grows thanks to interest, your child's financial education.
When you open a savings account for your child, you teach them about the importance of being long term. A minor savings account is for a child as long as he or she is up to 18 years of age. Minor above 10 years are allowed to open a self-operated account or under guardianship account. For minors below 10 years, the account can be operated only through a guardian. A decade or more of seeing how bank accounts operate gives children a closer look at how the world of banking and finance operates. By the time they hit 18 years of age, they will know all banking terms, increase their financial literacy and have a true appreciation of building something over the years.
It is no secret that banks are bound by norms that stipulate an initial pay-in to open a minor account. While you open savings account for the child, you may have deposited some money, say Rs 20,000-25,000, to get the ball rolling. Tell the child it is a loan from parents. As the child saves and earns interest, he or she can start repaying you the money a rupee at a time. This will inculcate a deep sense of financial discipline in the child, and also teach them that money earned by way of interest can be used to retire outstanding obligations.
A standard children savings account comes with a debit card. Do not shy away from taking this card for your child. Such cards come with special limits. Both the account and the card can really boost your child's budgeting skills. If you have a practice of giving pocket money, transfer the funds into the children savings account. This will serve two purposes. One, your child will understand and get acquainted with a less-cash future. Two, debit cards in minor accounts come with cash withdrawal at ATM with a daily maximum limit of Rs 10,000. This will also indirectly force the child to plan expenses and spend according to their available funds.
With a slew of benefits, open a savings account for your child today and let them begin their financial journey in the right earnest.