What is a minor FD?

Fixed Deposits (FDs)
1

Do all banks offer this?

2

Yes, all banks offer fixed deposits (FDs).

3

Hi Shrijan,

I just opened a minor FD for my kid in the Punjab National Bank. Let me tell you what is a minor FD. It is a fixed deposit account that you can open in the name of your child (aged below 18 years). This investment is made and managed by either a parent or a guardian on behalf of the minor till they become a legal adult. I think it is a good way to build savings for your child’s future. I was told that the interest rate would be the same as the regular FD. These FDs offer the same interest rates and benefits as regular ones, making them a smart way to build savings for a child’s future goals.

Also, I am not sure if all the banks offer a minor fixed deposit investment option. You can check with your bank to get details about the same.

I hope this is helpful :slight_smile: