Equitas Small Finance Bank announced on Thursday that it is ready to launch an exclusive savings account for children named “ENJOI”.
The savings account aims to introduce young children to the financial world and to encourage them to develop the habit of saving early on. The account will launch on June 19 to coincide with Father’s Day.
In a press release, the Chennai-based bank said ENJOI will allow children aged 0-18 to open savings accounts under the supervision of their parents. Minors aged 10 and over will also have the option of a personalized debit card. To foster higher savings growth, the account will offer 7% interest for savings balances between ₹5 lakh and ₹2 crore. With written parental consent, minors ages 10 and older can also benefit from standalone accounts with limited transaction limits.
Focused on the topic of education and literacy, financial or otherwise, ENJOI account holders will also have access to exclusive offers from education technology and e-learning providers, the statement added.
“By instilling the habit of saving early, with ENJOI, we are empowering children to capitalize by starting to save early. ENJOI will empower young children, who are the future of tomorrow, to manage finances,” said Murali Vaidyanathan, Senior President and Country Head, Equitas Small Finance Bank Ltd, quoted in the statement.
The ENJOI account will provide the flexibility to choose the savings mode, either as a savings account with a balance starting at ₹1,000, RD (recurring deposit) for ₹500 per month; or FD (fixed deposit) for ₹10,000.
The bank said the personalized debit cards will be free for the first year and can be used for free for life by maintaining the required balances.
June 17, 2022